Bulgarian banks are making it more difficult for potential buy to let and holiday destination buyers to purchase property here. The reason they are doing so is mainly due to the drop in interest from potential buyers.
The area has seen an increasing number of resort type holiday property developed over the last seven to eight months. Lenders are cautious to over extend as the number of British property buyers decline. In some areas, investors are struggling to get funds for highly valuable and likely profitable properties due to the bank's inability or unwillingness to lend – some believe the lenders are being too cautious.
Some areas of Bulgaria have seen a recent decline in the number of British buyers and tourists for some time. This drop in second home buyers has not hindered the country's ability to expand in the property market mainly because investors from countries such as Russia, the Ukraine and Scandinavia have supplied a large number of property investors here, thereby offsetting the lack of demand from British buyers.
Opportunities still are available in Bulgaria, and previously undeveloped areas that are close to the coast are now being developed. Many of these areas offer low cost investment opportunities therefore allowing investors to come in.
