With daily reports of uncertainty on the world markets, and a belief that the UK property market is slowing, overseas property is seen increasingly as the new place to invest.

The Sunday Telegraph 04 May 2003

Nic Cicutti.

"Sending money overseas? You could save thousands by giving the high street names a miss and using a foreign exchange dealer."

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The Sunday Telegraph 09 Nov 2003

James Daley.

"Sending money abroad can cost an arm and a leg if you use a high street bank."

Click here to find out more about Cash Conversion

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Telegraph 2 May 2004

• Bulgaria recently became a full member of Nato, has pegged its currency to the euro, and is line to join the European Union in 2007. The likelihood of entry is high, as Bulgaria has complied with 26 out of the 30 EU accession criteria.
• The exchange rate is 2.6 leva to the pound
• There is an established tourist industry and property prices are rising from 10 to 20 per cent per annum
• Regular direct flights from London Gatwick to Sofia take two and a half to three hours and direct flights are planned to Varna. Fares to Sofia start from about £200 return
• In the heart of Eastern Europe, with a 200 miles coast on the Black Sea, rising to mountain ranges. The sea is said to be hotter than the Mediterranean in the summer. Temperatures rise to 79F in July and August and drop to 27F in December
• Individual foreigners cannot own land – but can buy buildings and land through a company. Bulgaria’s ownership policy will be harmonised with the EU’s.
• Buyers should always verify with the land registry that the property is owner by the seller
• Never pay cash for a property; always seek independent legal advice; and do not underestimate the costs and work needed to upgrade older properties"

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Telegraph 23 June 2004

With eternally demanding tenants and fears that the market may have peaked, many buy-to-let investors are selling up. Cherly Markosky discovers where they are putting their money.

Allan Wegeland has just got rid of his two bedroomed investment flat in Limehouse, east London. He bought it four years ago for £185,000 and has sold if for £250,000. A second property he owns on the Isle of Dogs, purchased in 1999 for £130,000 is on the market at £260,000.

"Now is a good time to sell" he says. "Both flats have hit that £250,000 threshold and I think it will be two to three years before the price goes up."

Wegeland, a 31 year old property advisor, plans to plough the profits into his own home in Wandsworth and in a year or two will venture back into the buy to let market – when he’s sure it’s safe.

He is not alone. Although investors continue to scoop up property, the picture is not quite as rosy as it might appear. There are indications that a number of buy-to-let landlords -–discouraged by low rentals returns, rising interest rates and increasing demands from tenants for pristine and expensively kitted out homes – are bailing out.

So where do you place your investment money once you’ve sold up? Many, like Jon Turner, a 44 year old IT consultant in the City, are taking it abroad.

Turner and his work colleague Geoff Cousins bought seven investment properties in the east of London and Wimbledon, mainly in new, purpose built developments. Not convinced they would continue making the same returns they did when they started in buy-to-let three years ago, they have sold off their UK investments, opting for Bulgaria instead.

"We have bought 16 properties there, seven in Sofia and nine in resorts on the Black Sea and in the north. With Bulgaria set to enter the EU in 2007 we think the potential of medium-term gain is good."

With prices already rocketing in Eastern Europe, Turner points out they were lucky to have agreed the prices of their purchases nine months ago. "We do not think we can make the same returns here, but over the next 12 months we could be proved horribly wrong."

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Sofia Morning News 22 June 2004

The number of tourists from the European Union (EU) coming to Bulgaria has gone up by over 46 percent.

More and more tourists from UK, Germany as well as from different Central European countries come to Bulgaria. Their number has increased by 25,3 percent just in five months, Bulgaria's Economy Ministry reported.

More than 1,248,138 foreigners visited Bulgaria in the period January- May. The Greeks lead the ranking of foreigners coming to Bulgaria, some 56,34 percent more as compared to the same period in 2003. The British and German tourists closely follow them. A total of 57, 517 Britons visited Bulgaria during the same period in that way going up by 73,09 percent.

Bulgaria's revenues from international tourism over the first three months of 2004 amounted to EUR 199,8 M in that way marking an increase of 28,8 percent.

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Sofia Morning News 4 March 2004

Bulgarian treasury enjoyed a 21% increase in tourism income for 2003, Economy Ministry announced on Wednesday.

The reported flow of USD 1.622 B has outreached the expected results of about USD 1.5 B. That financial picture is even more impressive on the background of the global decreasing trend in the sector, marking a 1.2 % slope in 2003.

A total of 4.047 million tourists have come to Bulgaria over 2003, which makes for 17.9 % more visits than previous year. December only, when the winter season kicked off, has seen a 28.34 % increase of tourist flocks.

Greece tops the list of mostly interested in Bulgarian holiday making, with 547,000 visitors, Germany and Macedonia at its heels. The official data showed that Bulgaria has become even more attractive to the EU with 25-30 % more tourists from there.

Bulgaria is the fastest developing tourist destination on the Old Continent, according to surveys of the European Tourism Commission.

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Liverpool Daily Echo 12 Feb 2004

Only Parliament can According to the newspaper Bulgaria is a relatively unexplored and untapped market for property buyers and hence offers the opportunity to maximise capital growth and rental yields. It is becoming increasingly popular with couples and families. Some of the most popular areas are along the Black sea coast: Nessebar, Balchik, Varna etc. The cost of living is cheap. A three bedroom house can be purchased for just £8,000,an 11 bed house/villa for around £45,500 and you can even get a 19 room hotel for pounds 345,000. Direct flights to the capital Sofia take around 2.5 hours.

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