The Times: Best bargain bases
Article by Ben West, *with excerpts, 20th May 2005

A decade ago, buying a European property invariably meant cruising the Costa’s or unearthing an undiscovered corner of the Dordogne. Now Britons are exploring much further a field, even buying in countries so obscure that until recently they could hardly locate them on a map. This is fuelled by a proliferation of cheap flights, an expanding European Union and a desire for pastures new. If you know where to look, it is possible to bag a second home for less than 100,000 GBP in the areas long popular with Brits. Less familiar countries such as Lithuania and Bulgaria are also well worth considering, being rich in culture and boasting stunning unspoilt villages and scenery as well as rock-bottom living costs.

Wherever you look, today’s international buyers are generally well informed about local markets and soon pounce, so the latest hotspot may last only a few months before prices go as high as they ever will. If the prices in the capital city or main resort are now sky-high, it is worth investigating the second or third largest, which buyers may not have tapped into yet and which may have charms of their own.

The Bulgarian property market is among the cheapest in Europe, but is catching up. Last year prices rose by about 35 per cent, and in the lead-up to EU accession in 2007 annual rises of 25 per cent are predicted.

Rural houses for renovation are still widely available for less than 20,000 GBP. The cost of living is low and the climate excellent, and there is a wealth of historic towns, unspoilt villages and some beautiful beaches. Tuscany-like hilltop towns such as medieval Veliko Turnovo are to be found inland, while the ski areas in the Rhodopes Mountains in the south are increasingly popular.

Most Brits are buying on the Black Sea Riviera, especially at Sunny Beach, Golden Sands and Burgas, and the resort city of Varna.

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