News: Varna prices rocket

Thu, 24 May 07

Residential property prices are now higher in the Varna region than anywhere else in Bulgaria, according to data released this week from the country’s National Statistical Institute...

Property in and around the Black Sea hotspot is worth an average of BGN 1343 (£462) per square metre, making it marginally (less than £1 per square metre) more expensive than property in the capital Sofia.

Nationally, prices reached BGN856 (£295) per square metre on average at the end of the third quarter of this year.

Following Varna and Sofia, the other leading Black Sea city of Bourgas is the third most expensive buying location at BGN 1232 (£424) per square metre, with a big drop down to the next costliest city of Plovdiv.

Rapid increase in BTL returns

According to the Sofia News Agency at Novinite.com, the Bulgarian property market is being driven in no small part by the rapid increase in buy-to-let returns generated by the country’s booming tourism market.

A three-bedroom coastal villa can charge an average £550 per week, providing a gross income of £5,500 a year if it is rented out for a ten-week period.

Experts comment that there is a genuine demand in Bulgaria for good rental properties in the right location, but buyers need to be realistic about the rental returns they want and can achieve.

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