The increased property seeking trend that has been felt on the Bulgarian real estate market will continue throughout the year. The prognosis was expressed by a leading real estate agency. The report it issued notes that property prices in the begininng of 2014 are considered to be at their most affordable rate for the last 10 years. Financial institutions are now offering better terms for their mortgage loans and are also prone to renegotiate the clauses of already existing ones; thus contributing to the property market revival.
Bulgaria is amongst the four European countries which marked an increase in the number of property purchases. The data was revealed by a leading real estate agency that operates in 14 European countries. The figures the agency disclosed show a rise of 43% in the number of houses and apartments bought in Bulgaria’s major cities in 2013 compared to 2012.
The building of new underground streets that will accommodate some of Veliko Tarnovo’s car traffic is one of the proposed ideas concerning the ‘face’ of the newly forming central part of Veliko Tarnovo. New pedestrian zones and town squares, as well as a new library, new museums, green areas, sports grounds and new state institution and department buildings will be set up above the underground streets. Architects have one more month to introduce their ideas about the look of the terrain that is said to become Veliko Tarnovo’s new, free of vehicles, town centre.
The Old Military Academy’s buildings and offices that were placed on this site before, were recently demolished. The better part of them was knocked down because of the new urban sewerage construction plans;.besides they were in ramshackle state. Because of the digging that took place for the pipe network some of the newly planned underpasses are already at hand.
Once all the architectural plans are entered into the competition and the most appropriate proposal is selected, Veliko Tarnovo municipality will start looking for project funding.
Bulgaria emerged as the only East European country to make its way to the shortlist, comprising the most preferred destinations for UK citizens to buy property in. Britons who are interested in buying abroad are more likely to head to Spain rather to their traditional destination France. The data was published in a representative survey conducted by a leading real estate agency.
The analysis shows that 51% of those who intend to acquire property abroad will nonetheless remain UK citizens, one-third will emigrate in a quest of a better future and 13% will buy with the aim of long term investments in mind. Some of the reasons behind those purchases are better weather, life with less stress, fewer expenses and the prospect of a better place for starting a family.
Despite the fact that Spain is the most likely place of choice for Britons as for buying for investment, France is preferred for emigration. Bulgaria it the only East European country that made it to Top 10 in the survey concerning many different aspects – Bulgaria is the 10th most preferred destination for Britons to emigrate to and holds 5th place in the list of countries in which British citizens have made biggest property investments, overtaking France, Italy and Greece.
The UK economy growth of last year and the rising confidence in the UK housing market will make more Englishmen invest in vacation properties. The improving economics in Great Britain and the stronger pound sterling will probably back the growth of overseas real estate investments. Beside that the UK housing market is also recovering faster than the one on the Continent.
According to various consultant firms Britons will now start looking for vacation properties especially against the background of predictions about the pound sterling gaining strength against the euro. There are signs that average prices in some of their favourite destinations – Spain, Portugal, France and Bulgaria are increasing, so it’s starting to feel like a good time to buy now.