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Tourism in Bulgaria and the money it brings in are on the rise, which is excellent news for anyone who owns a house there, particularly one they rent out. According to Bulgaria's tourism minister, overseas property revenue has increased by 34% in the last three years, which added that it increased by 4.8 percent year on year in the first two months of this year. Sofia, in particular, is experiencing a significant increase in overseas visitor numbers, so much so that the number of international visitors to the city surpassed the number of inhabitants for the first time last year.
Many tourists to the city come from the United Kingdom; British tourist numbers in Bulgaria are anticipated to increase by 19% this summer. Plovdiv, Varna, and Veliko Tarnovo, Bulgaria's three other major cities, are gaining popularity as investment locations.
– Day-to-day living costs in Bulgaria remain relatively competitive, even in tourist regions. Sunny beach, the country's largest and most popular Black Sea resort, was named the best value vacation location in Post Office Travel Money's 2019 Holiday Costs Barometer. And 2021 is looking much better.
It has held the top place for the sixth year in a row. The poll analyses average pricing for nine common tourist goods, such as beverages and dining out, in 20 major tourist locations around Europe, including the Eurozone. The Algarve came in second, with Marmaris (Turkey) coming in third.
— There are an estimated 10,000 British residents in Bulgaria, with the Veliko Tarnovo region (home to the city) in the country's north being a popular destination for many. According to one renowned realtor, every third inquiry at their office there came from a UK buyer.
The allure mixes a typical village lifestyle, beautiful landscape, closeness to Veliko Tarnovo - a medieval cultural hotspot and Bulgaria's historic capital – and relatively inexpensive property and living prices. Within 25 kilometers of Veliko city, prominent districts with character homes in need of repairs, such as Elena, Balvan, Vetrintsi, and Musina, are offered for approximately €10,000. Budget around €30,000 for a tiny renovated rural home, or €50,000-100,000 for a newer big detached overseas property.
- The Black Sea coast is an excellent place to look for a cheap seaside vacation property. Sunny Beach is Bulgaria's flagship resort, and after years of expansion before the downturn and influx of Russian purchasers, the market there is dominated by men. Typical properties are managed complexes or resorts, with costs varying according to the quality and on-site services, as well as their location and closeness to the beach.
Studios in the interior towns of Kosharitsa and Tankovo may be found for as little as €8,000, although most furnished flats cost between €20,000 and €40,000.
Byala and the stretch between Varna and Kavarna are famous coastal hotspots on Bulgaria's northern Black Sea coastline, while Chernomorets, Sozopol, Primorsko, and Lozenets are popular places in the south.
— Don't forget the Bulgarian ski resorts of Bansko, Pamporovo, and Borovets – their respective provinces (Razlog, Smolyan, and Samokov) had 10-15% year-on-year increases in property sales during the first six months of 2021. (Bulgarian Land Registry).
It's no surprise that there's a boom in demand when you can purchase a contemporary ski apartment in a well-managed resort near the ski lifts for approximately €30,000.
If you need to sell overseas property in Bulgaria fast contact us today.