barbies Band To Rediscover Bulgaria
Bulgaria's property market is 85 per cent foreign investment-driven and has been experiencing an outflow of British and Irish buyers lately, but the predictions of some pundits for a re-advent of British buyers could still be proven right, as UK investors have not lost their zest for investing in property abroad.
Despite the credit crunch experienced by Britain, investors who Buy Abroad and Rent in Britain (hence the Barb-ies abbreviation) have been very active on emerging markets as of late, The Daily Telegraph reported on March 22.
Typically, Barbies are young, first-time buyers who can't afford to get on to the first rung of the British real estate ladder, so turn to another country where properties are more affordable, the British daily said.
“Priced out of the British market, 40 per cent of young people would consider buying abroad to get on to the property ladder, with 37 per cent of under-35s surveyed fearing that they will never be able to own a home here,” according to a recent research by the insurer Hiscox, quoted by The Daily Telegraph.
The daily paints the portraits of four representatives of the Barbie trend, including Scott Huggins, the presenter of BBC's property relocation programme Get a New Life, who bought property in Turkey and South Africa, but also a 1.62ha land plot in Bulgaria's Veliko Turnovo, which he may develop in the future.
"It cost 5000 pounds, which works out at 70 pence per square metre - cheaper than carpet," he was quoted as saying.
Although media reports have claimed that the Irish and British buyers, who accounted for about half of the sales of Bulgarian property, especially in holiday real estate, as more investors join the Barbie band-wagon, Bulgaria could still experience a re-resurgence of foreign investor interest.
The global credit crunch, as well as the downturn of stock markets and pension funds worldwide has re-ignited interest in real estate as investment for the future.