Bulgarian Property News

Flights to Bulgaria have been on the increase since the country became an official member of the European Common Aviation Area. The signing of this agreement was a watershed moment for Bulgaria and the development of its overseas property market. Over the next few years flights to Bulgaria’s popular tourist areas are set to increase dramatically. There are also strong rumours that the airfield in Bansko will be opened for commercial aircraft.

The increased number of flights to Bulgaria is positive news for people who have invested in Bulgaria’s buy to let market. The cost of living in Bulgaria is much low in comparison to other Western European countries. The average monthly wage in Bulgaria is approx £200 per month. This allows tourists the opportunity to take a vacation at a fraction of the cost, in comparison to other European destinations. That said the Bulgarian economy is set to increase over the coming years, signs of price increases are already being felt in and around Sofia.

Increasing the number of flights in and out of Bulgaria has been top of the agenda for the Interior Minister. For any Country to develop into a popular tourist destination it needs to attract interest from major airlines. With the increase of air traffic more investment will be made by venture capitalists looking to take advantage of the situation at an early stage. This highlighted by the news this week that Tidhar, an Israeli investment group have announced a 250 million euro investment on the Razlog project. Razlog will become a lavish eco-friendly development housing 8 diverse hotels in its grounds which will cater for over 8,000 tourists per day. This five star development is set to get commence in 2009 with completion expected in 2012.

Bulgarian officials have stated that they will continue to offer a safe haven for Russian property investors despite the global financial crunch. This is part of a series on the prospects on Russian-Bulgarian cooperation in the field of tourism.