Despite travelling frequently as part of his job with the Royal Air Force, 31-year-old Richard Eason from Leeds decided he also wanted a base overseas where he could relax during his well-earned time off. Lured to Bulgaria by the cheap property prices and the availability of mortgages, after lots of research Richard purchased a two-bedroom townhouse in the Geshaview development near Veliko Tarnovo – due for completion in 2008 – for 114,000 euros. However, while Richard may have initially been after an overseas bolthole for himself, it was the investment potential of the property that most appealed to him. "I bought the property for investment purposes; I anticipate a reasonable amount of capital growth over the next ten years," he confirms. "This development is ideal for me in that the company building the project will be taking ownership of the subsequent marketing and renting of the property. This appeals as it is hassle free for me and the developers have a vested interest in making sure that the properties are built to a high specification."

Aside from the investment potential of the property, Richard also liked the area. So much so, in fact, that in late 2006 he made a second purchase in the region, this time an older property not on a development. "I bought the second property for 34,000 euros," he explains. "It's a detached house and it sits in approximately 2,000 square metres of garden, with two traditionally built outbuildings. While this appears to be excellent value, the property requires extensive renovation work," he adds.

While Richard admits the process of buying the second property was nowhere near as straightforward as the first, he is still more than happy with the purchase. "I am extremely pleased with both of my properties in Bulgaria. On the one hand I have a high spec two-bed townhouse that should be very appealing to holidaymakers (not to mention family and friends), while on the other hand, I have a wreck of a building that will undoubtedly become a bottomless pit for my hard-earned cash – but the idea of renovating a handsome old building is exciting to me."

So, what does the future hold for Richard? "The plan is that my Bulgarian property investments will prove to be a valuable asset in my (hopefully) early retirement. I enjoy the outdoors and am looking forward to getting stuck into a range of adventure activities that are available in the Veliko Tarnovo region."

Richard purchased the Geshaview property through SimpliBulgaria.

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Article published November 2007