Repossessed property in Bulgaria 'an attractive option'

People looking to invest in a property in Bulgaria may wish to consider investing in a distressed or repossessed home, an expert states.

Christopher Chadd, head of research at Property Frontiers, said buyers are likely to be attracted by the reduced prices on offer for what are often very attractive homes.

However, he gave advice to any prospective investors looking to purchase accommodation in this way.

"Make sure you perform all the necessary legal checks, paying particular attention to the history of the property and whether there are any covenants which may make a sale in the future hard," Mr Chadd stated.

The expert added that investors all over the world are keen to take advantage of reductions, with property in Bulgaria and elsewhere discounted by up to 30 per cent.

Currency Index recently reported that the average price of buying a property in Bulgaria has fallen by 19.7 per cent over the last 12 months.