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Retire to Bulgaria? - 5 June 2007
A report released today by the Bulgarian National Bank shows that foreign investors bought more than €1.1 billion of property last year, contributing a significant proportion of the foreign direct investment from private individuals. The report, quoted in the Sofia Echo, also revealed that over €310 million of property has been bought in the first quarter of 2007, an increase of 63 per cent on the same period last year.
This continuing growth in the property market in various different parts of Bulgaria has renewed interest in the country as a potential destination for emigrating retirees. We have often heard parts of Bulgaria compared to the Costa del Sol of 30 years ago, but does this hold true for those looking to plan for their retirement?
The comparison with Spain’s most popular coast was originally intended to reflect the price levels of property in Bulgaria’s Black Sea coastal resorts. Although the summer season gives healthy, warm temperatures, you are by no means going to have year-round sunshine and balmy weather to soothe those stiff joints. The coast is much warmer in winter than the interior of the country, but temperatures still dip to alarmingly UK-like levels.
On a decidedly more serious note, there are other things that have to be considered when thinking about a retirement destination in which to settle. Bulgaria is still an emerging market, no matter how much prices have risen in the past few years, and this means many of those services that retirees may need are lagging somewhat behind what you might desire.
Healthcare levels, while improving, are still a good distance behind those in the UK (and we spend enough time complaining about the NHS), internal transport links are sketchy, and compared to more established markets; the routes back to the UK are limited and seasonal.
This is not to say that buying in Bulgaria, with a view to retiring there in the future, is a bad idea. At the same time, it is essential to make sure you are aware of the potential drawbacks, and whether you can live with them in the future.
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*Subject to a written positive RealtyCheck, Onpulse property offer to fully refund the client any initial conveyance fee to our Partner Live Overseas should they not wish to proceed with the purchase based upon any legal matter raised by Live Overseas relating to the property title that did not form part of the RealtyCheck Report. This refund is up to a maximum of £1500 per client.