Overseas Property News

Bulgaria is located in eastern Europe. The capital of Bulgaria is Sofia. Bulgaria has a population of around 8 million. The area of Bulgaria is 110,994 square km or around 42,855 square miles. The language of Bulgaria is Bulgarian and the money in use is the lev (100 stotinki equals one lev). The climate is moderate and described as mediterranean in places.

Eastern Europe, especially Bulgaria, is a prime location for property investment. Bulgaria has a huge number of new developments to tempt the foreign buyer. The attractions of Bulgaria include the enormous cultural and historic interest including ancient monasteries, churches, mosques, and Roman and Byzantine ruins. For sun and sea the Black Sea coast of Bulgaria offers an ideal location for the overseas property investor. The southern section of the coast offers picturesque bays, lovely beaches, sand dunes and a warm sea. With clear blue skies, a Mediterranean lifestyle, a low cost of living and low property prices this region of Bulgaria is a hot tip for property investment. Growth in tourism is increasing at a phenomenal rate in Bulgaria and becoming increasingly important to Bulgaria's economy. All of these factors mean that property prices are increasing in Bulgaria and annual rates of increase of property of 35% have been reported.

When Bulgaria joins the EU property investment will soar and property prices are predicted to rise sharply. Bulgaria is a number 1 hotspot for overseas property investment.

For more property hotspots visit The Place in the Sun

Many of the islands that make up the Bahamas are a target for developers building resorts and complexes aimed at the holiday home market. The government of the Bahamas is currently encouraging this sort of development and is publicising the advantages of owning a second home in the Bahamas. Besides sun, sea and sand the Bahamas offers low income tax, capital gains tax and inheritance tax.

Many of the property developments in the Bahamas are aimed at the very rich with prices for luxury properties ranging from US $600,000 and upwards. However Bahamas developers are currently targeting the mass market second home buyers. For example a development near Nassau is currently marketing three and four bedroom properties for $250,000 and is selling to British investors and retired couples as well as families looking for a holiday home.

Buying an investment property in the Bahamas now may be a good investment as plenty more development is planned and further encouragement for the market is likely. Property prices in the Bahamas are currently showing a steady increase of around 10% per year.

House prices in the UK have fallen again according to Hometrack, the property database. Prices fell by a further 0.2% this month. This is now the 12th month that UK house prices have shown a fall. The cost of an average house in the UK is now £161,000 down from £167,700 in June 2004. This represents an annual fall of 3% in UK property prices.

This explains why recently many Britons have been looking overseas for property investment. Property prices are currently rising in other countries and Britons looking for a holiday home or property investment would be well advised to condider buying abroad. Independent advice on holiday homes and overseas property investment is available at Overseas Property Advice and at Passport to the Sun. The Independent Overseas Property Guide advises on buying a home abroad. A Place in The Sun provides a useful discussion of the current top 20 places to buy a holiday home.

Croatia is a Mediterranean country with a long coastline on the Adriatic Sea. The climate of Croatia is Mediterranean along the Adriatic coast, meaning warm dry summers and mild winters, with 2,600 hours of sunlight on average per year. Inland Croatia has a continental climate with hot summers and cold, snowy winters.

Croatia boasts eight national parks and six nature parks. There are 5,790 kms of coast in Croatia and 1,185 islands surrounded by crystal clear sea. The Romans built many summerhouses, spas and resorts in Croatia.

Property prices in Croatia are increasing with prices rises up to 20% being reported. The demand for investment property in Croatia continues to grow. New building restrictions, planned by the government of Croatia, will restrict the future growth of villages and towns in an effort to retain the unique beauty of Croatia's coastline. This can only be good news for investors in Croatia property.

1. Buy what you want to buy. The most important decision when buying a property is deciding exactly what you want the property to do for you. Is it purely for short term capital gain to provide a one-off profit over a particular period of time? Or is it to provide long term regular income? Or is it mainly for your own use as a holiday home?


2. Ignore the hard sell. Many people go to dedicated overseas property exhibitions or go on overseas trips or "inspection flights" to view properties. It is important to stay focused on what you originally had in mind. Do not be swayed by the hard sell of estate agents.
   

3. Be careful buying off-plan. Off-plan involves buying a property before it is built. You cannot see exactly what you are buying and it can be a long time before the property and surrounding development is completed. Problems can arise if the building is not constructed according to the original schedule.


4. Allow 10% extra for expenses. The cost of buying a property abroad (taxes, conveyancing, lawyers fees, agents fees, VAT, etc) is much higher than in your own country. The total can add up to 10% to the cost of buying a property.


5. Buying in an up-and-coming area. This will increase your capital appreciation. Buying in the fashionable areas of Spain or France means that property prices are already expensive and may not increase much further, or increase at a slower pace than in the past. Buying in a less-fashionable area of Spain or France, or in the up-and-coming property markets of Bulgaria, Turkey, and Croatia where prices are still low will increase the chance of a rapid price increase. It is important to note that the less-fashionable and up-and-coming areas still need to have all the virtues of the more established destinations. What you are really looking for is an undiscovered property hotspot. Often such places are neighbouring the more fashionable and expensive areas.


6. Buy a property in a place that is popular with locals as well as tourists. You should always think of the exit route from your investment. The day will come when you want to sell your property and you will want to have the largest possible potential market. Ideally your investment property should be an attractive property for investors of different nationalities as well as a possible home for locals.


7. Adequate shops, restaurants, and facilities. Most people who want to use a property as a holiday home will want to be near shops, restaurants, and other facilities. This is particularly important if you want a rental income from your investment.


8. Is there an airport nearby? Is there adequate public transport? People who rent property will want somewhere that is easy to get to and will often gravitate to those places with a nearby airport served by low-cost airlines such as Easy Jet or Ryan Air.


9. Consider the property off-season. The property and area might look lovely in summer when all the restaurants and bars are open. But what about winter? Do all the facilities close? Does the area become a "ghost town"?


10. Check the inheritance laws of the country where you are buying. You may need a separate will made in that country as well as having a will drawn up in your own country. In France for example your children automatically inherit your house; your estate does not pass to your spouse.


11. Get your own independent advice. Do not rely on a lawyer recommended by the property agent or developer.


12. Learn the language of the country you are buying in. You don't have to become fluent but you should learn as much as you can.


13. Above all, buy a property YOU like in a place YOU like. The chances are that if you love it and would enjoy staying there then others will too!

More and more people are considering buying property abroad. The romance and excitement associated with owning a home in another country inspires many to take the plunge and invest in an overseas property. In addition, property prices may be rising faster abroad and overseas property can become an great investment.

Fools rush in where angels fear to tread
Many pitfalls await the unwary property investor. You may already be a property owner in your own country and feel that buying a property overseas will be similar. It isn't! Unfamiliar property laws and regulations, different property taxes, even a different language can all srping traps for the unwary.

Get information
The best to begin is to amass as much information as you possible can. Before you make any decisions you need information about the best country for your holiday home or investment property, information about that country, information about property law, taxes, etc. Information about property contracts and procedure. Information abut potential pitfalls. The more advice you have the better your chances of a trouble-free and enjoyable experience.

I aim to give you that information and advice
Regular postings to this blog will provide you with heaps of useful advice and information. For a start visit my website Overseas Property where you will find some helpful advice and tips.

Good luck for now!

Sahara