Bulgaria, Market Update. What is the future for property in this new EU member state.

Feb. 25, 2010 - PRLog -- Not long ago flights to Bulgaria were full of British and Irish property investors with money falling out of their pockets. The return flights were awash with people who had purchased what they considered a safe investment or a new home. Now the flights are full of Bulgarians returning from shopping trips in London. So what has happened to the investors and relocators?
If you had walked down the main street of the old capital of Veliko Turnovo a couple of years ago, you would have been sure to see Western Europeans who either lived in the area or were looking to invest. How things have changed, the few you meet will tell you how so and so has had enough and has returned home. True, in the summer, the holidaymakers still arrive here as well as the Black Sea Coast and the ski resorts, but in a country that began to rely on the income that property sales brought, you can only imagine the sigh of relief in the halls of government that the country got into the EU and a cushion of funding and investment is there to help keep the wolf from the door.
In 2007 I looked at a traditional Bulgarian property for sale. The price was €110,000 which I considered to be way too much for a property in a rundown village, even one as beautiful as this. As chance had it, towards the end of 2009, while checking on the market, I came across the same property now for sale for €50,000. To test the market, I emailed and offered a price of €30,000. The agent replied and said the price was too low. I insisted that this was my final offer and lo and behold the owners accepted....

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