A cultural treasure trove stuffed to bursting with the ancient monasteries, churches, mosques and Roman and Byzantine ruins, and located in the very heart of the Balkan Peninsula is Bulgaria. Investors Provident have recently launched their investment section on Bulgaria and offers its clients some very diverse and high capital growth investment opportunities.
Since its escape from the yoke of communism, Bulgaria has struggled to join the modern world. It became a member of NATO in 2004 and is due to join the European Union in 2007. With the Black Sea to the east, Romania to the north, Serbia and Macedonia to the west, and Greece and Turkey to the south, it's a country that retains a charming mixture of the old and the new.
The capital of Bulgaria is Sofia. Almost completely rebuilt after the bombings of World War II, its city centre has a weird and wonderful mix of architecture; right down to a yellow-brick boulevard. North of Sofia is the Balkan range, Bulgaria's longest mountain chain, which flows down to the Danube. For the sun and sea, the Black Sea coast offers some of the best in rest and relaxation at affordable prices. The southern section of the coast is home to picturesque bays, spacious beaches, dunes and a warm sea.
There are no words to describe the phenomenal rise in property prices taking place in Bulgaria's tourist areas. Some developers have seen their tourist property complexes rise in value in excess of a colossal 100% in a year! Even if spread across the board, it still averages out to a sizeable capital growth of 35%. But why this discovery after all these years?
Since the collapse of communism in 1989, Bulgaria has been opening itself to the West, and its natural attractions have not gone unnoticed. This is hardly surprising given that Bulgaria offers long sandy beaches, summers of clear blue skies and a warm Mediterranean style sea only two hours flight from the UK. This, coupled with a phenomenally low cost of living, and its transition to a fully functioning market economy has made Bulgaria one of the major hotspots within Eastern Europe. Where else would you get a delicious three-course meal for two with a bottle of good local wine for £8?
The World Tourism Organisation placed Bulgaria near the top in terms of tourism growth. In 2003 growth increased by 23% compared to 2002 and the proceeds comprised 13% of the country's GDP. Bulgaria's rising property prices have been greatly influenced by the European Union which has had a tremendous impact already. This will be even greater after the country joins the EU in 2007, if as is expected, it follows the pattern demonstrated by Ireland.
Investors Provident is one of the few companies offering attractive investment opportunities in Bulgaria along the Sunny Beach (Black Sea Coast), Bansko (ski resorts), city centre Sofia, towns of Burgas and Varna, and other growth areas. Properties can be bought for as little as £20,000 on the beach front for studios and one beds up to £120,000 for 3 beds / 2 bath apartments.
Investors who have never considered Eastern Europe as part of their strategies are now rethinking their moves. 20% to 30% capital growth in a space of just 6 months is a return that will attract novices and professionals alike, and this is just the beginning.