Young British Home Buyers Head For Bulgaria

Almost a third of properties in Bulgaria are being bought by foreign nationals with 20 to 35 year-old Britons now a big proportion of Bulgarian real estate buyers. According to reports Bulgaria has seen a significant increase in the numbers of 20 to 35 year-old Brits buying Bulgarian property. They now account for a fifth (20%) of all UK buyers and are prepared to pay more for their property.

 

The figures were revealed by Quest Bulgaria an English language monthly magazine for people living or buying property in Bulgaria.  

 

Quest Bulgaria Managing Director Chris Goodall: “High UK house prices are making it difficult for first time buyers, usually the younger age groups, to get on the first rung of the housing ladder. There is evidence international property clients are significant players in the market with 29% of all home transactions last year made by foreigners.”

 

The magazine also reports that the country is third most popular with UK property buyers with Spain top, France second then Bulgaria.

 

Real Estate agent Martin Hunt of Living Bulgaria - said: “These young buyers have more money and are looking for better quality homes.”

 

Concept Bulgaria says a staggering 95% of their customers are under 50. The ultra-cheap Bulgaria that once attracted high risk investors or retiree holiday home owners is changing.

 

And the key is buyers can get a good quality, three-bedroomed home in Bulgaria for £65,000 while the average house price in the UK is £215,000.

  

Address Real Estate confirms the rapid emergence of younger buyers while reporting a downturn of 15% among the over 50’s. It says younger end buyers with families are going to Bulgaria to live there permanently and establish their own businesses.

 

Easier availability of mortgages and finance is helping too. Chris Downham, managing director of Bulgarian Home Loans, said: “The situation is now much easier with the average length of time from application to sale down from nearly eight months last year to around just eight weeks.”

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