NewswireToday - /newswire/ -
Brighton, East Sussex, United Kingdom, 2006/09/30 - Where on Earth Ltd, a specialist overseas property sourcing/consultancy company is pleased to announce finance opportunity in Sophia the capital of Bulgaria.
Where on Earth Ltd, a specialist overseas property sourcing/consultancy company is pleased to announce a 100% finance opportunity in Sophia the capital of Bulgaria “One of the most frequent requests we get from buyers is for deals where they can get high levels of borrowing. However, one of the disadvantages when investing overseas with a view to BTL is that, normally, you are required to put down a minimum deposit of 30 per cent. This deal in an emerging market offers up to 100 per cent non-status finance.” says Nick Shinner, Director of Where on earth LTD.. In addition to 100 per cent non-status finance, houses are pre-let to corporate tenants at approx. 10 per cent yield per annum.
The Developer will only be building brand new two-, three- and four-bedroom, detached, high-specification, freehold houses for sale in popular suburbs of Sofia. The main reason is clear – there is a large demand for houses available for rental to corporate clients engaging in business in preparation for the entry of Bulgaria to the EU (2007) and beyond. At present, there are just not enough rental properties of a suitable standard available. 2- bedroom houses from only €95,000.
• 100% non-status finance available, which gives buyers the option of a low risk investment in the Buy to Let market.
• The houses will be let upon completion to waiting corporate tenants on a 12-month renewable contract. Gross yields will be approximately 10 per cent per annum.
• The development consists of two-, three- and four- bedroom, detached, high specification, fully-furnished houses with private gardens and garage.
• While the apartment market has plenty of supply in Sofia, the supply of high-quality houses is very low, and demand from locals and the rental market far outweigh this.
• The houses are sold with freehold ownership.
Why Invest in Sofia and Bulgaria
• A rapidly growing more affluent local population coupled with foreign companies opening offices in Sofia has led to a severe housing shortage in Sofia. Many large multinational companies are basing themselves in Sofia and their workforce will need year-round, good quality accommodation.
• International companies including GE Capital, Ernst & Young, Citibank, Coca Cola, Nokia and Siemens have set up offices in Sofia, showing the confidence these companies have in the region.
• The mortgage market has only opened up to locals and investors over the last two years. This clearly will have a dramatic impact on house prices and demand, supporting the fact that there is a strong local market for re-sales.
• Capital growth in Sofia is expected to achieve 10 – 20 per cent per annum over the next five years.
• Bulgaria is set to join EU in 2007
• Prices are far cheaper in Sofia than most European capital cities, which will ensure strong yields.
• Bulgaria Air has announced that they are launching additional services between Sofia and Prague, Brussels, Paris, Amsterdam and Barcelona. They have also started daily flights from London.