“Location, location, location!” these words are a mantra in the real estate industry. They simply imply that making investment decisions in a sensitive industry, it is the most important factor to consider. Some regions stand out as prime properties while others need navigating multiple factors before becoming prospective investment locations. The Black Sea Region is one of such unquestionably lucrative locations.
The Black Sea Region is acclaimed to be one of the most beautiful places on the planet. The lush landscape is adorned with clusters of villages and fragments of primordial barricades, creating an irresistible aura in the well-hemmed coastline. The region’s enticing beauty makes it a popular tourist destination, which boosts its real estate value. The following is a breakdown of the areas in the Black Sea Region where you might want to consider investing in real estate.
Table of Contents
Bulgaria
Bulgaria is well-known for its strategic geographic location in the Balkans’ northwestern region. The country is also well-known for its beautiful scenery, ever-changing landscapes, and abundant natural resources. The country real charm is in its scenic mountains, rivers, forests, and vast plains; essentialy making it a tourism hub. Furthermore, the country’s long eastern border connects it to the Black Sea, making it a popular destination for marine tourism.
However, the country has more to offer than its enticing natural beauty. Bulgaria’s cost of living is significantly lower when compared to other Western countries. Accommodation in the country is reasonably priced. People without their own homes fare better in Bulgaria than in the majority of other EU countries. Food is also inexpensive. Bulgaria is a prolific producer of farm products, allowing for the sale of groceries at a low cost. Nightlife enthusiasts also benefit from the subsidised prices in the modernized cities known for their vibrant nightlife.
Additionally, studying in Bulgaria is inexpensive when compared to other Western countries. Most educational institutions provide low-cost education to EU and EEA citizens. People who do not speak Bulgarian, on the other hand, may have difficulty finding low-cost international schools. Another perk for Bulgaria is the low-cost public transportation. People in cities enjoy affordable buses or trams to work. For these reasons, buying or building property in Bulgaria is highly recommended.
Georgia
If you’re looking for prospective real estate opportunities, Georgia real estate market is a hotspot right now. Georgia has been the victim of a number of unfavorable events over the last three decades, including political upheavals, military tensions, and financial instability. The problems have contributed significantly to the depreciation of the country’s real estate. The current wave of change in Georgia, on the other hand, has put the country’s real estate on an upward trajectory, creating an excellent investment opportunity.
The Georgian economy is expected to be back on track by the end of 2022. There are noticeable changes in the economy that point to a better economy in the near future. Georgia is seeing an increase in consumer spending as well as a significant increase in business investment.
The country anticipates that the favorable changes in the socio-economic environment will hold up for the long term. The possibility of these developments materializing soon and their magnitude increasing sustainably in the future makes it worthwhile to invest in the country’s real estate. The commercial and residential markets in Georgia are worth investigating and investing in when it is most strategic.
Turkey
Turkey easily wins in terms of strategic location. Turkey is conveniently located at the crossroads of Central Asia, Europe, and the Middle East. Because of its geographical location, the country wields both political and economic power.
Turkey has access to roughly 70% of the world’s energy. It also benefits from being close to the European Union, the world’s largest energy consumer. Because of the country’s location, it requires a large number of ports and airports. The ports make it easier to export energy.
Real estate developers and investors see the country as an ideal location for combining the construction sector with the country’s expanding commercial activities. Construction firms are already capitalizing on the country’s growing commercial and industrial output. The trend is expected to continue in this direction as indicated by various development plans set for the next decades.
Investing in Turkey’s residential market is one of the viable ways to profit from the country’s growing real estate industry. Within the next two decades, an estimated 6.7 million residential units will be demolished and redeveloped. The private sector is quickly taking over the country’s real estate, and real estate sales to foreigners are becoming more common. These and other developments make it a good time to invest in the country’s real estate.
Recap
The Black Sea Region’s real estate sector offers a profitable investment opportunity, thanks to Bulgaria’s low cost of living, Georgia’s promising economy, and Turkey’s convenient travel connections. It is strongly advised to seek information on the subject on a regular basis to make informed investment decisions.
