The Bulgarian Revolution
Article by Dale Lovell, 50connect.co.uk

Anyone hoping to retire overseas on a budget should look to Bulgaria and the EU expanding eastern border

Thanks to recent property price rises in the UK, more and more of us are cashing in on the value of our homes and choosing to retire abroad, where the cost of living is cheaper. Spain and France have been the most popular retiree destinations among Brits in recent years, but because of this, property prices have gone up rivalling the UK in many sought after locations.

The ‘elderly exodus’ has hit property prices throughout the Mediterranean region. In Croatia for example, a two bedroom flat will now set you back at least £200,000 in the more popular resorts. Hard to imagine when you think just 12 years ago the country was being ravaged by war.

But if you want to move abroad, but can’t afford to buy in the more popular destinations, Bulgaria could prove the perfect destination for you to invest for your retirement.

Although not joining the EU in May, Bulgaria has been formally invited to join in May 2007. After this date, property prices are likely to rise, so now could be the time to invest.

Indeed, Bulgaria has been touted by many in the know as a potential future property hotspot. In comparison to UK prices, property in Bulgaria is still extremely cheap; An 80 sq m in the prestigious Veliko Turnovo area of the Capital Sofia will set you back 27, 000 Euros (£18,000). With prices likely to increase with EU membership, as well as been a great retirement home, any Bulgarian property purchase could become a great investment too.

At the moment, however, buying a property in Bulgaria is a little laborious for foreigners. Under the Bulgarian act on Foreign Ownership, foreigners are not allowed to own land but they can own buildings. To get around this fact, foreigners can set up a Bulgarian company to hold the land for them. As the date for EU membership nears however, this formality is likely to change.

Bulgaria lies on the Black Sea and has summer temperatures to rival, if not better, the Mediterranean. And of course, good weather also means good wine, fruit and vegetables. It might not have the same facilities as Spain or France, just yet, but for a fraction of the cost you could retire in style. One to watch most definitely.

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