Innovative property investments
Investment Property in Bulgaria
City Areas
Varna
Thriving coastal city
In Varna you have a lively beach-side city known as the gem of the Bulgarian Black Sea.
Sitting on hilly terraces that descend down into its long sandy bay, it shares the same latitude as France’s Bayonne and Biarritz and offers excellent year-round rental returns and good rates of capital appreciation.
Lots going on
It is Bulgaria’s third largest city and the country’s bustling naval and commercial sea capital.
Its many fine buildings, great museums, attraction-packed Sea Garden, excellent shopping - matched only by Sofia - and packed events calendar make it not only a great place to live but also a major venue for international conferences.
For those in need of unwinding, it is a major spa centre with a beach that enjoys no tides and 10 hours of sun between May and September.
The scenic attractions along the coast lie within easy reach.
To its long list of amenities, by 2010, Varna will be able to add a new FIFA compliant stadium and sports complex with a spectator capacity of 30,000 and proximity to the soon-to-open golf courses around Balchik and Kavarna.
Pulling in the visitors
The area’s popularity with tourists is so strong that when British Airways launched two evening flights to Varna in March 2006 they quickly found they had to add further flights to their schedule to cope with demand.
Interest in the area, however, is not limited to summer holidaymakers as, since then, British Airways have made their flights from Gatwick operational throughout the year.
Direct flights enter Varna from throughout Europe and the UK and are expected to increase following Bulgaria’s entry into Europe’s open skies.
Economic high performer
Economically an important and growing centre, Varna is among the country’s best-performers.
Unemployment is three times lower than the national average (at just over 3%) and its per capita income considerably higher.
It is becoming the city of choice to live in for those in Dobrich and the surrounding region and even draws relocators from Sofia and Plovdiv.
Thriving businesses are invigorating the city centre.
In August 2006 a number of international and local companies installed themselves in the purpose built office spaces of Varna Business Park and by mid-2008 three new business parks will open in the centre, one of which will rejuvenate the former naval hospital, abandoned for over 20 years, along with the area surrounding it.
Property overview
From a property investor’s perspective, all of these factors mean more potential business for buy-to-let and resale properties.
Varna’s real estate has been enjoying a boom of late with some price rises even surpassing those in Sofia.
As with the rest of the country, property price rises have started to stabilize and last year Varna benefited from an increase of 10.33%.
Bearing in mind that value in coastal properties resides in their proximity to the beach and amenities, Varna has a good selection to choose between.
Buying areas and price guide
Close to the city centre is most pricey.
Average per metre square price tags were 850-1,500 EUR (570-1000 GBP) in 2006 depending on location, size and build.
The “Greek Quarter” near the Sea Garden is a foreigner favourite close to the centre and a 5-10 minute walk to the beach.
It is also the most expensive - with average prices of 1000-1500 EUR/m2 (670-1000 GBP/m2).
The area known as the “Generals” - because each street bears the name of a famous General - is also popular.
In 2006 properties here were selling for 800-850 EUR (540-570 GBP) per m2.
The “Villa Zone” suburbs of Vinitsa, Trakata and Evsinograd appeal to both locals and foreigners.
The properties tend to have large gardens, enjoy sea views and are only 10 minutes from the centre.
British buyers have also opted for rural properties and building land in villages to the north of the city, like Rogachevo.
Prices have risen dramatically but relatively inexpensive properties in need of renovation can still be found here.
Downloadable Reports and Documents
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