Poor Bulgaria tourism brings property to market

As reported last week, the tourism industry in Bulgaria has been hit as hard any sector in the financial turmoil, with more and more winter resort hotels coming to the market. Now there comes to light news that the country’s bailiff court, having seized nine hotels (property in Dobrich mainly), are about to place the properties up for auction.

The economic downturn has simply left the owners with no option other than to walk away, defaulting on their bank loans. One question though is whether the industry is about to turn a corner? For those who remain employed, recessionary times have seen drops in interest rates making mortgages on real estate in Bulgaria quite affordable.

It could easily be argued that for some, cheap mortgage payments are making life a lot easier right now. In taking advantage of these low interest rates right across Europe, it’s hoped that home owners will be attracted back to Bulgaria’s holiday hotspots. Again, it’s Russian investors keen on this investment property in Bulgaria, with more such property expected in the coming months.