Residential properties in Bulgaria have seen a slump in price over the last year but there are signs that things could be on the verge of picking up there.

The capital city of Sofia saw the average price drop by 9.4% year on year and 5.2% over the last three months, signalling a bottoming out of the market and making now a potentially good time to make a long-term investment there.

In Varna, the country’s third largest city, prices fell by around 7% year on year, but quarter on quarter the prices actually rose by 1.9%! Overall the index rating is down but the country’s economy continues to develop, making buy-to-let property more attractive, especially in tourist areas.

The number of building permits being issued throughout Bulgaria has also fallen, but the areas where they are typically still being granted are Sofia, Bourgas and Plovdiv.

While less new build developments are being built, agent Bulgarian Properties recently reported a surge in interest from foreign buyers looking for rural properties. Rustic homes in Bulgaria’s countryside are typically available for less than £20,000. Have a look at Rightmove’s Bulgaria listings to see properties currently on the market there.

To understand the full step-by-step process to buying a property in Bulgaria, collect The Overseas Guides Company’s ‘Bulgaria Property Buying Guide’