1. BURGAS - As Bulgaria`s fourth-largest city and biggest port, Burgas is a thriving industrial and tourist center, visited by over 180,00 foreigners each year. It’s an ancient city that was invaded and expanded by the Romans. Although most of its architecture dates back to the 17th century, Burgas is lacking in culture, primarily being an industrial center. There are still lots of shops, restaurants and bars, while the compact city centre is focused around Ulitsa Aleksandrovska shopping center. Burgas` grey sand beach isn’t stunning, offering only the most basic of amenities, but if you venture further along the Black Sea Coast, you1ll come across the attractive beaches of Sozopol and Pomorie. Burgas is renowned for its four lakes, which cover 9,500 hectares of protected wetlands. Bulgaria also boasts a maritime park, which runs along the coastline and is home to a number of monuments, fountains and sculptures.
A popular area with property investors, Burgas is extremely affordable – given the wealth of amenities and attractions it has. A one-bedroom apartment in the centre of town sells for as little as .10,000, and a two-bedroom property for .33,000.
KEY FACTS
. Population 193,316 . Airport Burgas Airport, 8007 Burgas, Tel: +359 562 8651 . Tax Transfer tax 2% . Property tax 0.15% . Schools Anglo-American School of Sofia, c/o US Embassy, 1 Suborna, 1000 Sofia, Tel: +359 2974 4575 . Geo Milev English Language High School, Burgas, Burgaska State . Medical Sveta Sofia Medical Clinic, 13 Vazrazhdane Str., 8000 Burgas, Tel: +359 5684 5083 . Rentals Burgas mainly has a short-term tourist rentals market . This is a strong, healthy market, boosted by the nearby seaside resorts . Yields on properties are 9% on average, but there’s an abundance of rental property . Pros Burgas is the transport hub for the Black Sea Coast, with regular buses and trains . North and south of the polluted city coastline are gorgeous beaches and rich wetland reserves
. Burgas offers a welcome break from the crowds and commercialism of the nearby resorts, and the town centre is very tourist friendly . Sale prices for property almost doubled between 2002 and 2004 . Properties under lv112, 350 (.35,000) provided higher yields than those over lv224, 700 (.70,000) . Prices are expected to rise by 40% to 60% with Bulgaria`s EU membership . Cons Burgas is one of the most polluted cities in Bulgaria . In 2003/4 demand for property exceeded supply, due to the increased number of mortgage loans and migration of the workforce to Burgas from the country.
2. VARNA Varna is Bulgaria`s third-largest city and one of the Black Sea most modern and in-demand resorts. A cultural centre and historically an important centre of trade, it offers a number of renovated buildings, museums and art galleries. The end of the Crimean war marked a rejuvenation of Varna`s fortunes with the building of the railway between the Danube and the Black Sea coast. This city became a popular resort due to its location on the coast, a local natural spring and its development as a major port. The huge presence of tourists is bolstered by the many amenities, such as Ploshtad Nezavisimost shopping centre and a number of theatres and restaurants. Culturally, there’s a Roman Thermae (ruins of the Roman baths), the Cathedral of the Assumption of the Virgin and the Archeological museum. The 80-hectare maritime park boasts both zoo and a dolphinarium. During the, this is the venue for the Varna summer festival where there are jazz, opera, ballet and folk music competitions. Varna has experienced a 20 to 25 per cent increase on holiday home prices, and between 10 to 25 per cent for apartment prices since 2003. Varna City centre has seen price like 23 per cent, and now the average two-bedroom house costs roughly .37,000.
KEY FACTS
. Population 314,539 . Airport Varna International Airport, 9000 Varna, Tel: +359 5250 0840
. Tax Transfer tax 2% . Property tax 0.15% . Schools Anglo-American School of Sofia, c/o US Embassy, 1 Suborna, 1000 Sofia, Tel: +359 2974 4575 . High School of Natural Sciences Bul Vladislav 80, Varna 9000, Tel: +359 5223 0511 . Medical St Ana Hospital, 100 Tzar Osvoboditel Blvd., Varna 9000, Tel: +359 5222 3103 . Rentals Varna`s rental market is constantly increasing in strength as more visitors arrive . It’s primarily a short-tem rentals market that’s most profitable between May and September . Properties on the coast or with a sea view attract rents 30% higher than properties in the town . properties costing less than lv112,350 (.35,000) accumulated higher yields than those over lv224,700 (.70,000) . On average, a large three or four-bedroom villa will rent for lv1, 605 (.500) per week, while a two-bedroom apartment will rent for lv580 (.180) per week . Pros Varna is ideally situated for travel to the beach resorts on the northern Black Sea coast . The city is very compact and all facilities and attractions are within walking distance . Varna International Airport is close and there’s an 20
international bus station in the town . Employment prospects here are better than in most Bulgarian towns . New-build properties in Varna have risen in price by 40% in 2003/4 while prices of all residential properties in the town have risen on average by 24% . Varna is home to a growing international community, with large number of British and Germans – 10% per cent of all properties here are bought by the British . Varna is one of the most established destinations in Bulgaria
. Cons Flights to Varna airport (except those from Sofia) only operate between April and October . The shipyards are losing money and this gives the town more of a hard, industrial edge . The cost of goods on sale is high compared with typical local earnings. 3
