Bulgaria beckons-an introduction to a land of opportunity by Michael Ussery I made my first trip to Bulgaria in 1999 and instantly fell in love with the country-it has been my main interest ever since. Sure, there are plenty of other countries with natural beauty but I was sold on the people, who are smart and friendly, as well as the open atmosphere. Taking an entrepreneurial approach, I've studied the market broadly in Bulgaria and am focusing on real estate, a rapidly growing sector. Ever since its entry into NATO in 2002 and its much-anticipated membership in the EU, Bulgarian properties have soared with investments, vacation-home buying, and retiree purchases, largely due to an influx from the UK and Ireland. Each year high ski resort prices at home are leading more Northern and Central Europeans to discover Bulgarian ski vacations. Bulgaria's Black Sea is a favorite beach destination for Germans and Swedes. Double-digit growth
Cities such as Sofia, Plovdiv, and Varna in particular are rapidly attracting foreign real estate investment, as are condos on the Black Sea and in the greater Bansko and other ski regions. Bulgaria has sustained double-digit real estate growth with these key areas hitting over 15% and 20%. Adding to this heady mix, taxes have been lowered and the government has consistently encouraged foreign investment. In addition to mountain ranges, Black Sea coast, lively cities, ancient Thracian and Roman ruins, and culture, Bulgaria also boasts a low cost of living-dinner for two, with wine, in an excellent restaurant can cost less than 20 euros ($28). Bulgaria has it all. Consequently, foreign investment in real estate and retirement homes is rising. Those moving here are enjoying Bulgarian life with all the modern conveniences they're used t shopping malls, cinema complexes (Sofia has an IMAX theater), etc. As well as exploring Bulgaria, expats here also have easy access to Greece and Turkey, which are just a few hours from the center of the country. I tried to stay out of the real estate market at first, but I couldn't resist such a hot market . I'll be writing more about opportunities and practical matters in this country-watch this space. Meet Michael
Michael Ussery will be speaking at our Live and Prosper in Europe seminar in Barcelona, September 2-4. For a complete list of speakers and seminar details email events@internationalliving.com. [Editor's note: Michael Ussery was the youngest U.S. Ambassador in the world when he served under the first President Bush in Morocco. After his term, he began investing in East Europe, the Middle-East, and East Asia. In the mid-1990s, he co-founded the Romania-Moldova Direct Fund, formed with World Bank support, before setting his sights on Bulgaria. He and his partners are currently identifying top projects for international investors and developing their own projects in Sofia and the Bansko ski resort. For more information email mussery@hotmail.com] IL |
