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Property For Sale In Bulgaria - Emerging Property Markets 1
By James Wittering, Thu Dec 8th
i>The latest investment property headline is this: Popular andwell trodden markets such as France and Spain are out, Bansko isin.
Where?
Bansko, Bulgaria. Fast becoming one of Europe's hottest skiresorts and showing no signs of slowing down for beginners,Bansko is where the smart money is being invested. From aslittle as £30,000 (US$52,594) you can own a 1 bedroom apartmentin the heart of Bulgaria's trendiest ski resort, at the base ofthe imposing Pirin Mountain range. It sounds impressive but isit just a flash in the pan or a serious investment opportunitypromising high rental yields and real capital growth?
The skiing is first class, that much is not in doubt. The highpeaks offer powder white snow for up to 5 months of the year andthe summer season continues for a further 2, providing awonderful holiday home for ski enthusiasts and great returns forbuy-to-let investors. Plenty of money has been pumped intofacilities and the ski school ensures that beginners and expertsalike are catered for. There are plans to double the length ofthe runs at Bansko over the next 10 years so whilst this is arelatively new ski resort; it is certainly a progressive andwell maintained one.
A very old town full of character, situated just 150km south ofSofia, Bansko is about 2 hours from the nearest Bulgarianairport. It lies at the base of Vihren, the highest mountain inthe Pirin range at almost 3000m. Bansko is interestingly placedgeographically, close to the border with Greece and Macedoniaand there is the planned Greek-Thessalonic Highway that willconnect Bansko to Greece by road. It is said that on a fine dayyou can see all the way to the Aegean from the Pirin Mountains.In theory, when you finish skiing in Bansko in April you coulddrive to Greece for a dip in the Aegean.
The cobbled streets of the town itself are clean and well lit.Amongst the obligatory 'après ski' styled bars and night-clubsare the mehanas, underground taverns offering localcuisine and live music. Currently the town is representative ofa building site with scaffolding and cement mixers a plenty.Looking beyond the production equipment, one can quite quicklysee that the ends will justify the means. Bansko has clearlybeen the subject of considerable investment into an improvedinfrastructure. Certainly more so than competing, better knowntowns such as Borovets or Pamporovo.
Non-skiers are catered for with beautiful walks, historic Romanruins, volcanic mineral spring water public baths, equestrianactivities and plans for at least one 18 hole golf course. Theenvironment itself is protected by UNESCO and is Bulgaria'slargest national park, ensuring that overdevelopment should notrear its ugly head, or at least, limit it's impact.
So what do you really need to know?
There have been a few negative stories floating around in thepress and on TV, but as with all things most of these issuescould have been easily curtailed with a little good advice andlots of homework. It is important to remember that you aredealing with an emerging market; by it's very nature not aspredictable as the currently stagnating Costa-del-everyman.Having said this it seems that these warning signs pertain toproperties on the Black Sea Coast rather than ski resorts. Theski season in Bansko is considerably longer than the coastalseason and the mayor of Bansko is attempting to restrict Banskoto just 8000 beds, ensuring that the region does not becomeoverdeveloped and saturated.
Regardless of what you chose to do, it is very important to seekindependent legal advice. No matter how seductive the salespatter, you need to know that planning permission has beengranted, the land title ratified, and that there is nooutstanding mortgage on the land
and so on.
Always be wary of developers who want you to agree to adifferent price on the notary deed. This can adversely affectyour capital gains tax when you come to sell.
Always enquire about added costs such as maintenance charges youmight be expected to pay above and beyond the purchase price andbe aware that not all agents provide refundable deposits.
So is Bansko a good bet for the future?
Yes. A long ski season is great for buy-to-let investors and itis already a proven, popular destination for skiers. Lots ofmoney is being spent on improving infrastructure and facilitiesand with accession into the EU for Bulgaria in 2007, significantcapital growth can be expected. One of the most importantfactors will be access and with several budget airlinescurrently looking to add Bulgaria to their list of destinations,property in Bulgaria, specifically Bansko, should enjoy a hugeincrease in demand.
If you're reading this then you're already using the internet toresearch Bulgarian property investment issues. Another great wayto figure out what's going on is to seek the opinions of thosewho have already bought: Check out www.talkbansko.com
Emerging property markets are exciting and potentially veryprofitable. Just go in with your eyes open and armed with asmuch independent information as you can.
About the author:James Wittering is the marketing manager for ExclusiveProperties International who help their clients to buildinvestment property portfolios from all corners of the globe.They also have property for salein Bulgaria.
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