Property Investment

The property prices in the UK have risen to such an extent that first-time home owners are being priced out of the property market (the average asking price of a house in London has reached £387,898).

As a result, more and more young Brits are seeking to buy a property outside of the UK. Their searches have lead to Eastern European countries such as Romania, Bulgaria and Estonia.

I recently went on an inspection trip with a friend who has the intention of purchasing an off-plan ski resort in Pamporovo, Bulgaria. We flew into Sofia and spent about 3 hours on the road traveling to the ski resort. There was a slight delay at the immigration desks as the officers seem to take a great deal of interest in my passport - I am assuming that he is looking at a Singaporean passport for the first time and wondering if I have the necessary papers to enter - Singaporeans are issued a three month tourist visa on arrival. Had a great chat with the property consultant who also doubled up as our tour guide cum driver. We compared the economic, political situation in Singapore, Bulgaria and UK - talked about corruption in Bulgaria, government housing in Singapore and the cost of living in the UK.

Some interesting facts about Bulgaria:

• Bulgaria has a population size about twice Singapore but a land area which is approx 160 times bigger than Singapore
• Bulgaria embraced democracy in Nov 1989
  
• Bulgaria has just joined the European Union as of this year.
• The Bulgaria currency is called 'Lev' (pronounced 'Left')
• There has been a huge construction and property boom as a result of the overseas investments from the Russians, British, Irish, etc.
  
• Almost a quarter of Bulgaria's GDP is dependent on the property industry.

The ski resort in Pamporovo - construction in progress ...


The view from the ski apartments


A clearing, leading to the ski slopes