Bulgaria is regaining its popularity with British real estate buyers, according to the first quarter results of major UK portal Property Abroad. Bulgaria became a preferred destination during the real estate boom, but credit crunch in 2008 and the sudden oversupply on the local market have altered market dynamics.
Still, Bulgaria has managed to reclaim some lost territory, according to Property Abroad director Les Calvert. "Not a major jump by any stretch of the imagination, but for us, immersed in the industry, watching and reading the negative press about Bulgaria and seeing thousands of British buyers rushing to sell-up, this is quite a pleasant surprise for us," he said.
Such is the story of Carl Froch, World Boxing Council super middleweight champion, who bought property in Bulgaria from Joe Upchurch, managing director of Aston Lloyd.
Froch has said that his purchase of property in Bulgaria was "just as satisfying as delivering a well-placed left hook", and it is likely to prove a lucrative one, as well.
"What is the point of having money in the bank which is earning nothing?" said Froch, 31, who hails from Nottingham. "I have been investing between 8800 and 44 000 pounds sterling in property in Bulgaria and Turkey over the past 12 months."
Froch has poured money into small flats with the intention of renting them out to local residents, rather than seasonal holidaymakers.
Source: www.sofiaecho.com
http://sofiaecho.com/2009/05/29/727189_bulgaria-property-returns-to-favour-with-british-buyers