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WHERE NOW FOR OVERSEAS PROPERTY?
SPAIN, France and Italy are fast becoming old hat for overseas property buyers. Bulgaria, Croatia, Dubai, Australia and Poland are seen as the new investment hot-spots, offering low prices, plenty of choice and greater growth potential.
Gerard and Joanne Feeley are hoping to be at the forefront of the revolution.
They have just bought a one-bedroom apartment on Bulgaria's booming Black Sea resort of Sunny Beach.
Gerard, 33, says: 'We have invested in several properties in Britain over the years and wanted to spread our portfolio into the overseas market.
'We chose Bulgaria because it is still relatively unexplored and has yet to see the spiraling prices of more traditional holiday home areas such as France, Spain and Greece.'
But the Feeleys, who have a newborn son, Tom, are convinced that Bulgarian property will follow suit.
Gerard, who works for a construction company in the West Midlands, says: 'There is massive growth in tourism to the Black Sea area.
'The other factor, Bulgaria's ultimate membership of the European Union, is likely to boost the country's economy dramatically as it did, for example, for Poland and Hungary.'
The couple from North Yorkshire, had a holiday on the Black Sea coast in April to learn more about the property market there.
After deciding on a small development that was due to be completed in July, they returned to Britain, carried out more research, then paid a 20% deposit on the £45,000 purchase price. The remainder of the money came from profits on other UK property.
The apartment is now completed and the couple is preparing to let it. Gerard says: 'We plan to offer it through a tour operator next year.
Meantime, we will let it to other prospective property investors who want to learn more about the Bulgarian market.
Mail on Sunday (25 September 2004)
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