One hundred and fifty years ago, British troops embarked from Varna, one of Bulgaria's Black Sea ports, on their way to the Crimean War. Things, it must be said, didn't go too well. The Charge of the Light Brigade, now a catchphrase for bravery in the face of official chaos, took place during that ill-fated military campaign. Wind time forwards one and a half centuries to 2003, and the flow reversed: a new wave of Brits started pouring into Varna and Bourgas, the two Black Sea cities with direct – if chartered – flights from the UK. This time, though, the motivation is somewhat different: snapping up bargain properties. And unlike Britain's forces fighting in the Crimean, this time reinforcements are only the next flight away. Thanks to a whole departures board of new scheduled services launched in September this year and bound for Varna – both directly and indirectly from the UK – the next flight is much sooner than it used to be. This is undoubtedly good news for Scott Love and Claire Spencer, who have already bought a property in the area – a studio apartment at Emerald Beach Resort, in Ravda. "The direct flights to Varna will really make getting to our new home much easier. At the moment we can only use charter flights, but the new scheduled flights will give us much greater flexibility. Now we know holidaymakers can get to Ravda more easily, we are contemplating buying a second apartment", Scott says.

Last year, 250,000 Brits visited Bulgaria, many of them destined for the Black Sea Coast; but many more are now expected to swoop into Varna on the new flights. But although the city has worked hard to reinvent itself, newly westernised Varna is not the target of the next Crimean wave. Neither are the sleepy villages with their leprously peeling buildings to the north of the city. Rather, Sunny Beach – the name of which was changed from Slânchev Bryag precisely to attract British holidaymakers – is the usual target of the bucket-and-spade and property buying brigades.
 
In the past few years a chock-a-block forest of apartments has risen up along the invitingly sandy shore, making Sunny Beach the Balkan equivalent of the most developed tracts of the costas – Costa Balka, if you will. But, whereas property on the most popular costas is reaching its price ceiling, property prices on the Black Sea coast are nearer to the floor – and therefore well within in reach of the bargain property hunter. "One of the biggest draws for Bulgaria is the affordability of property", Amar Sodhi, of Avatar International, explains. "This cannot be underestimated. For the first time, emerging markets are offering the possibility of buying a second home to the ordinary man and woman in the street. I expect the popularity to last for some years to come. The reasons are that despite considerable growth so far, prices on the Black Sea Coast are still very low compared to other destinations. The entry level for a new beachfront development is around £25,000 for a studio. Where can you get this anywhere else in Europe?" And there's plenty of property to choose from, or at least property plans, and a whole gaggle of agents waiting to help you close the deal. But are British property buyers charging to their peril on the basis of the healthy returns currently enjoyed, the stock-in-trade platitudes of the less reputable property agent and the promise of EU membership?

Indeed, it's tempting to think that everything Bulgarian will eventually turn to gold. Even the past is conspiring to add lustre to the present: In August, a 4,200-year-old hoard of treasure, the very measure of Troy's, was found in some 75 miles east of the capital, Sofia. But there are lingering doubts about EU membership happening in 2007, and Peter Holden of Assetz sounds the following cautionary note. "Capital gains of 20 per cent last year may not continue to grow at such a rate if entry to the EU in 2007 fails. On top of this, the country's immature economy is driven almost entirely by investors and there is no guaranteed resale market."

Holden is no lone voice in the Balkan wilderness. Even specialist Bulgarian agents are veering on the side of caution. "In 2003/04, the average increase in Bulgarian property prices was 31 per cent. This can't go on forever", predicts Tony Beecroft of the Bulgarian Property Centre. The real questions, then, are how long will prices continue to rise and at what point will an investment in Bulgaria's Black Sea property be a riskier move?

To go back to basics, if you want to make money out of a Black Sea Coast property, you will either have to be able to sell it onto another buyer at a profit or ensure it attracts enough holidaymakers to rent it out, or both. If you are just one of thousands of people buying property in Sunny Beach with this intention, how can you be sure you are not paying too much or that you won't struggle to rent it out or resell it? After all, if your game is rental potential, it's sensible to bear in mind that Bulgaria's Black Sea coast has average temperatures above 20°C for only three months of the year, so the rental window is small compared to Spain's, for instance. With this in mind, the first of four basic steps to ensuring that you buy wisely is to not fall into the trap of believing that every Bulgarian property is necessarily a sure-fire bargain. Says Sodhi, "In Bulgaria, like all emerging markets, investors need to continually review market conditions and assess pricing. If prices start to match those in more established markets, it would be right to question whether property is overvalued. There are always dangers of believing the hype. When prices are comparatively very high but rising, buyers can mistakenly believe that there is still value for money and further potential." Secondly, if you are buying in Sunny Beach, buy something special. "Last year, the pace of development in Sunny Beach really accelerated", says Beecroft. "There is so much property on the market that some of those who bought off-plan and are now looking to sell on for a profit are struggling to attract interest from potential buyers." In this case, Beecroft's advice is: "Buy something that little bit different because this gives you a better chance of capital appreciation and rental potential." Those with at least £60,000 to spend could, for example, buy a small apartment at the striking Coliseum development just metres from the beach (Barrasford and Bird). Thirdly, another option is to leave the Sunny Beach skyline behind completely. After all, the higher frequency of flights means that surrounding areas are also more convenient to get to, such as Scott and Claire's apartment at Ravda.

Fancy being their near neighbours? If so, in the latest phase of the Emerald Beach Resort, apartments are available from £27,000 to £95,000 (Avatar International). And this is by no means the only option: St Vlas, Nesebar and Sozopol are also far less awash with apartments than Sunny Beach. At the village of St Vlas, for example, one- and two-bedroom apartments are available at the Sea Dreams complex from £23,000. For those worried that St Vlas is another Sunny Beach in waiting, Beecroft offers this reassurance. "There isn't a lot of development here, and the authorities intend to keep it that way."

Fourthly, and finally, those concerned that the Black Sea summer rental window is simply too small to enable enough money to be made should take note that the South African golfing legend Gary Player is involved in the creation of a new 18-hole course at Kavarna, 50 kilometres north of Varna. As such developments in other countries have amply demonstrated, golf courses in close proximity to beach resorts effectively lengthen the rental season by reducing the reliance on summer sun to attract clients. So, if you're considering throwing your own liquid assets into the next Crimean wave of buyers, bear these four points in mind to ensure you don't take part in a charge of the British property brigade.

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Read other articles about Bulgaria:
Bargain priced property in Bulgaria
Bulgarian ski resorts are proving popular

Image courtesy of BulgarianTravel.org

Article first published in February 2006