SOFIA PROPERTY INVESTMENTS ARE THE WAY AHEAD 
Article by: Tracy Barlow
Published: 02/Feb/2007
30 January 2007
PRESS RELEASE
BULGARIAN PROPERTY INVESTMENTS ARE THE WAY AHEAD
Chris Dunkerley from The Global Property Group is putting his money where his mouth is – and buying off plan property investments in Bulgaria with a view to paying off his UK mortgage within the next 18 months.
There is huge demand for property in Bulgaria at the moment – particularly in the suburbs of Sofia where high quality build standards appeal to West European executives relocating overseas.
There is an allocation list of several hundred people wanting to buy into the Bulgarian market – and that is where Chris’s plan comes into action. Because he has bought off plan, he enjoys a 20% return on his investment. With an expected time to completion of 3-5 months, Chris will sell back to the property developer at full price – who will then sell to one of the people on the allocation list.
Chris explains: “We see investment deals all the time but this is the first one that has a waiting list of people wanting to buy immediately the properties are built. This is very important to any potential investor. I fully expect to make a £12,000 return on a 3-4 month investment. I am planning to do 3 off plan purchases this year to give me an additional income of around £36,000. Next year I am planning 3 or 4 more – and that means my UK mortgage should be paid off in full.
“I firmly believe that this is a great opportunity – and several of our clients do too. We sold 6 of these properties in just the first two weeks of January and other overseas investors are showing an interest too. Of course, they may prefer to keep their properties as a long term investment. Property prices around Sofia are rising at 15-30% per annum at the moment so it’s definitely the right time to buy!”
ENDS
NOTES FOR EDITORS:
1. The Global Property Group offers overseas properties in Bulgaria, Cyprus, Spain, Canary Islands, France, Portugal, Turkey and Italy.
2. Investors who purchase the properties as a long term investment have the option of a 100% non status mortgage. All property purchasers must set up a Bulgarian company at a cost of £5,000 but, according to Bulgarian law, £1,800 is returned to them so the initial set up cost is £3,200. Purchasers can buy as many properties as required to start up their own property portfolio.
3. Investors are placed on an allocation queue. They are offered a choice of approximately 10 properties as they are released. At that point, and only when a tenant has been contracted to the property for at least a year, they must finalise their mortgage, with typical mortgage terms being over 1-215 years. The property is fully furnished, rented out and managed for the investor on a long term lease of minimum 12 month periods.
4. Bulgaria joined the EU on 1st January 2007. The cost of living is currently one of the lowest in Europe and Bulgaria is enjoying a property market boom equivalent to that in Spain 20 years ago. Foreigners were involved in 23% of the 220,000 property deals registered in Bulgaria in 2005, transactions that totalled more than 4 billion Euros. Overall the property market is one of the fastest growing sectors in the national economy which grew by 5.2% in 2005.
5. Bulgaria has a climate similar to the Mediterranean. Flying time between London and Sofia is approximately 3 hours with an increasing number of budget airlines flying into different cities in Bulgaria. There are a number of ski resorts within 1-2 hours drive of Sofia.
For further information please contact:
Tracy Barlow
2B Marketing Ltd
Tel: 0161 304 9991
Email: tracy@2bmarketing.co.uk
Chris Dunkerley
The Global Property Group Ltd
Tel: 01457 833083
Email: chris.dunkerley@thegpg.com
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