Why this is the best time to invest in Bulgaria!
May 8th, 2008By Christopher Violaris, C.E.O
Eurolink Investment Group Plc.
The dark clouds of the new economic recession are becoming thicker and thicker on the economic horizon of the West, while the prices of basic commodities are going through the roof, thus making any thoughts or plans for a quick recovery totally unrealistic.
Though the leading Western Central Banks were quick to intervene and tried to support the collapsing financial institutions in trouble, their intervention caused more doubts and insecurity among the investors. The Example of Northern Rock in the UK and leading lenders in the USA is causing serious concerns all over the financial world globally.
In my opinion, we have not seen the real thing yet! Those involved may have felt the repercussions but the real, unfortunately long term, consequences are still to come and they will not just limit themselves in the financial sphere! I expect that a very serious socio-political cost will be the final price, a very dear price to pay indeed!
Already hundreds of thousands of young families are losing their homes in the United States, thus creating a very serious social problem. Borrowers and home owners in the United Kingdom are expected shortly to face the same nightmare, while the state stands idle, unable to intervene to help. Naturally most of these people are also bound to lose their jobs, considering that they may be forced to move to other areas, looking for more affordable housing.
The situation is not any better with those who own their homes and do not have to pay monthly mortgage installments! Besides seen the value of their property drastically reduced, they will also come to realize that the cost of having “a roof over their heads” has become a very expensive luxury! If somebody makes a basic calculation of what it costs to live in a normal, semi-detached house in an average region of the United Kingdom, he will surely realize that there are far better alternatives at his disposal, especially in a beautiful country like Bulgaria.
Take for example the following case study:
Mr. and Mrs. Brown live in a semi-detached normal sized house in Camberwell, South London and they are seriously considering moving to Varna, Bulgaria. We will compare the two locations in terms of costs and quality of life.
LIVING IN CAMBERWELL, South London.
The Property:
Semi-detached, two storey, two medium size bedrooms, one box-room, bathroom with WC, fitted kitchen, living/dining- room, guests WC, front and rear gardens, all totaling 105 m2 living space, free hold, fully paid. (Rate of exchange £ 1 = € 1.25)
PRICE: € 450.000, appreciating at 4% per annum.
Council Tax per annum: € 3200
Insurance, building only: € 2 900
Insurance of contents: € 2200 aprx.
Water rates: € 2800
Electricity: € 3600
Gas: € 1800
Car Insurance: € 1300
Road Tax: € 900
Shopping for 2 people for 12 months: € 8500
Other expenses: € 6000
Total cost per annum: € 33200 or £ 26560
LIVING IN VARNA, Bulgaria.
The property:
Fully detached two storey build on 6500 sq. feet plot; with own swimming pool, BBQ and double covered garage, three bedrooms, one un-suit of 280-300 sq. feet, open plan fully fitted kitchen, thorough living and family room, two bathrooms, a shower room and 3 WC, totaling a living area of 2800 sq. feet, front-rear and side garden with fruit trees, located in a peaceful road, 10 minutes drive from the city centre and the shops. Free-hold fully paid.
PRICE: € 320.000, appreciating at 10% per annum.
Council Tax per annum: € 400
Insurance, building only: € 450
Insurance of contents: € 450 aprx.
Water rates: € 280
Electricity: € 1800
Gas: € 600
Car Insurance: € 400
Road Tax: € 90
Shopping for 2 people for 12 months: € 4000
Other expenses: € 2000
Total cost per annum: € 10470 or ₤ 8376
QUALITY OF LIFE:
It goes without saying that an elderly couple in their mid sixties or even a young couple with kids of pre- and school age will find living in Varna, Bulgaria, an enjoyable experience, a safe place to be and the quality of life, a lot of times better than any big European city. Varna, is definitely the ideal place to bring up children! Besides been a very safe city, surrounded by nature and places to see and things to do, it has also everything that any major European city has, shopping malls, theatres, cinemas, hundreds of fine restaurants, affordable to everybody, a fantastic National Park along the coastline extending for over 12 kilometers, but above all friendly and hospitable people!
As much as it may surprise you, you can have a very comfortable quality living in Varna, Bulgaria, for less than 1/3 of what is costing you now where you live while in the meantime your equity and the value of your property will increase steadily year after year.
This is why, this is the best time to start looking for alternatives and Bulgaria, especially Varna, is your best choice!
Ring or write to us, for free consultation and further information at cviolaris@eurolink-finance.com
