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Now’s The Time To Start Feeling Out the Bulgarian Property Market, Experts Suggest - 25 March 2010

Though overseas property buyers have been wary of Bulgaria in recent years, experts are now advising that investors take a second look at the sunny country in southeast Europe.

Bulgaria’s current bottomed-out market is ideal for long-term investors interested in buying homes at cheap prices. “Expat” sales are abundant in the country, with some boasting deals that run from 30 to 50 percent off of renovated properties.

However, real estate experts warn that not all of these deals are legit. Sometimes a property will be advertised with several agents and at different prices, which is usually a reflection of the agent’s commission fee or the owner changing his mind.

In any case, buyers should do their research. Real estate experts suggest looking into areas popular with local buyers. This not only offers some reassurance in the area’s infrastructure, but also that the region’s economy will continue to strengthen with employment, industry and consumerism.

Currently, the areas of greatest interest are smaller towns in the countryside. These properties seem to be cheaper than those in cities or coastal towns, but aren’t necessarily rural or too small. Many buyers are attracted to the quaintness of the local culture—the green markets and cafes—as well as the perks of living so close to nature.

In the early 2000s, many Europeans fled to Bulgaria in hopes of a cheaper life with less work and more sun. However, when the economy crashed several years ago, this sent many expats back to their home country to make a better living. Though Bulgaria’s economy continues to struggle, it is soon likely to stablise, as the country is eligible to become part of the Eurozone in 2013.

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