Success of Bulgarian property

The booming Bulgarian property market is being fuelled by ever-increasing tourism levels, a new report claims.

According to Quest Bulgaria, the monthly magazine focusing on the Bulgarian property market, the tourism boom is having a "knock-on effect" on the buy-to-let market.

It is estimated that tourism numbers are currently increasing by 22 per cent a year and property prices have risen by around 30 per cent in the past three years.

The average rental yield that investors are currently receiving from a three-bedroom coastal property in Bulgaria is £550 per week, offering an annual income of £5,500 if it is rented out for a ten-week period.

Chris Goodall, managing director of Quest Bulgaria, said: "There is a genuine demand in Bulgaria for good rental properties in the right location."

"But buyers need to be realistic about the rental returns they want and can achieve."

Richard Slater of Pride Property Management in Varna added that buyers are becoming more savvy, setting more appropriate rental prices and consequently receiving more bookings.

Gerard Doyle works for Bulgarian Venture. An online property portal for investors in the Bulgarian Property Market
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