Young Brits dominate Bulgarian housing market

Thursday, 27 September 2007 12:00 AM

Young Brits are buying more property than any other group in Bulgaria, according to new research.

As much as one third of property in the country is now purchased by foreign nationals, with up to 20 per cent going to Brits between 20 and 35 years of age, according to Quest Bulgaria magazine.

"High UK house prices are making it difficult for first-time buyers - usually the younger age groups - to get on the first rung of the housing ladder," said Chris Goodall, managing director of Quest Bulgaria.

Many then look abroad for cheaper property.

A three-bedroom property in Bulgaria costs an average of £65,000, compared to around £215,000 in the UK, making the country an obvious choice for investors.

As much as 29 per cent of all transactions in the country now involve foreigners.

"That's no surprise for a country with low taxation, ease of access and low cost airlines arriving. But the interesting thing is the face of the British buyer is changing," continued Mr Goodall.

A report by National Savings and Investments - formerly the National Savings Bank - finds 20 per cent of first-time buyers would consider moving abroad for a cheaper way of life.

This compares with a 15 per cent fall in over-50s wanting to move to Bulgaria, according to Address Real Estate.

Securing a mortgage or financial assistance is also a factor in Bulgaria's popularity as an investment destination.

"The situation is now much easier with the average length of time from application to sale down from nearly eight months last year to around just eight weeks," said Chris Downham, managing director of Bulgarian Home Loans.

All making Bulgaria a popular investment location.

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