Case Study: Property in Varna

Why Varna ?

Situated 469 km north east of Sofia, Varna lies on the west coast of the Black Sea with a population of over 350,000 people and has a large industrial, cultural and tourist centre.

Varna is a vibrant, lively seaside resort, with its own international airport and good main road links between the major cities.

As Bulgaria 's third largest city, Varna has been a popular tourist attraction for many years - with a summer season that extends from May to September. Very much an historic city, Varna boasts a wide array of architecturally stunning buildings, but what sets Varna apart from other tourist destinations within Bulgaria is the fact that although it is predominantly a beach resort, it really is an 'all year round' holiday destination - ideal for city breaks. Varna also offers many cultural attractions, historical buildings, museums and art galleries.

In the peak summer months of July and August it's not uncommon to enjoy over ten hours of sunbathing, across the golden, sandy beaches that stretch across the coastline from the north to the south.

For those of you searching for that perfect place in the sun, Varna offers some spectacular views to the sea and a sea garden that stretches from the city centre out towards the suburbs - providing the most beautiful walks in the park - with calm sea breezes to quicken your steps!

Property in Varna

A report, by real estate company Adis Ltd, in October 2003 stated that property prices in Varna had risen by 24 per cent for residential property during that year. The highest yields have been for the lower priced properties - with an initial investment of 18,000 euros in 2002 rising to 30,000 euros in 2003 - representing a 67 per cent yield!

Varna, as a city, has properties to suit all tastes and budgets - with numerous districts within it. Downtown - which basically means the city centre area, is amongst the most expensive. If you drive out from the city centre and head east towards the popular Golden Sands resort, you will come to a district called Briz, which is an affluent area attracting the rich, successful Bulgarians and an increasing number of foreign investors.

Another popular area for foreign investors is the area known locally as the Greek Quarter. This area sits close to the Sea Garden, and is therefore only a 5-10 minute walk to the beach. It also represents a good compromise by being close to the sea and also just a few minutes walk to the city centre. Another area which is said to be good, is the one known for its 'Generals'. Basically, each street is named after a famous General, and this area is quite popular, for example, General Gurko and General Stolipin.

To start looking around properties, you can take a walk around the city centre and you will see numerous boards advertising properties for sale by many of the local estate agents. Please don't build your hopes up too much though, as these do tend to be out of date - and it's not uncommon to find that most, if not all, those on display have already been sold!