The cost of buying property in Bulgaria is getting cheaper, which is good news for Brits seeking a bargain holiday home in Bulgaria.
According to the latest data released by Raiffeisen Real Estate, Bulgaria property prices continued to fall during the final quarter of last year, with prices in the capital Sofia declining 9.4 per cent year-on-year and by 5.2 per cent compared to the third quarter of 2010.
The residential property market in Bulgaria has received a lot of investment from both locals and foreigners over the past few years.
But Bulgarian property transactions have slowed considerably since 2007, as a consequence of an oversupply of homes and a sluggish economy, causing prices to fall.
Bulgarian property prices have been depreciating at a rather rapid pace, ensuring that price levels remain extremely cheap compared with many other European countries.
In the capital Sofia, there is a particularly high shortage of housing at the luxury end of the residential property market, which should appeal to investors.
Holiday home hunters generally prefer to buy property in Varna on the Black Sea or Bourgas.