The splash that Bulgaria made at the recent "A Place in the Sun Live" exhibition in London should put to rest the fears of some developers that overconstruction and oversupply may erode the domestic property prices, the Dnevnik daily writes. The exhibition confirmed that Bulgaria continues to be the cheapest option for Britons looking to buy a second home abroad. The Bulgarian entries were grouped under the logo Bulgaria Est8s.
The Balkan Consultancy Center (BCC), which organised the participation of the Bulgarian companies, said it will build the logo into a brand for the marketing of Bulgarian property developments abroad. Over 30 Bulgarian companies presented real estate projects at the exhibition, including FairPlay International, Planex, Dreamville, Sunny VIP Tours, iBuild and Home for You.
At the London exhibition, Bulgaria emerged as the only affordable option for retail investors in the market for mountain resort properties. On the segment for coastal homes, however, popular destinations like Spain and Cyprus and maturing markets like Turkey and Croatia provide stiff competition.
The Bulgarian properties showcased at the exhibition had little or no competition price-wise with one-bedroom apartments and studio apartments in both seaside and mountain locations asking 30,000 to 80,000 euro. Turkey was the only other destination with some pricing power but Bulgaria's neighbour has the huge liability of the administrative hassle related to land purchases. The only areas where the Bulgarian property developers need to pick up their game are the add-on services (maintenance, security) and the provision of adequate information on the property market regulations.