Bulgaria is increasingly proving itself to be a country worthy of investment, as the tourist industry continues to grow and property prices remain low. In particular, the country is an ideal spot for those looking for refurbishment projects.

Historical property in Bulgaria is an attractive prospect for many investors hoping to pick up abandoned real estate cheaply and turn it into something fantastic. Across the country there is a wealth of abandoned property that could be transformed into holiday homes aimed at those wanting more of an authentic Bulgarian experience, Quest Bulgaria reported. With house prices continuing to fall, now is certainly the time for buyers to strike.

According to the Global Property Guide, prices remain low, creating barriers for those looking for short term returns on investment. However, for buyers with long term projections, abandoned historical property may be just the ticket. Figures from the National Statistical Institute, recounted by the news portal in May, showed that at the beginning of the year, property prices in Bulgaria were 38 per cent lower than their peak level in Q3 2008. Although a slight recovery had been noted by the penultimate quarter of 2012, with declining values in popular destinations like Sofia and Bansko slowing, prices remain affordable.

This is vital when taking on a refurbishment project, ensuring more capital is available to plough back into the historical property. Quest Bulgaria explained that most of this stock will be found in rural areas and investment will help to regenerate these environments, with many villages abandoned as residents flocked to cities and towns for work.

Nevertheless, there are lots of things that must be considered when buying historical homes, such as local regulations and availability of craftsmen. In some instances, properties could have been constructed using skills that are no longer widespread and specialist craftsmen may need to be brought in. This must all be factored into budgets. However, labour and materials are relatively cheap in Bulgaria and restoration can be done in most cases without breaking the bank.

source: http://www.propertyshowrooms.com/bulgaria/property/news/historical-property-bulgaria-ideal-for-refurbishment_312576.html

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