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Bulgarian property market 'set to
continue on upward trend'
Property prices in Bulgaria are rising fast as foreign investment continues to climb, a European news site has reported.
Bulgarian national bank data reveals that foreign investments in property increased from ?336 million in 2005 to ?1.13 billion in 2006 – almost a third of all foreign direct investment.According to EUbusiness.com, retired British couples seeking holiday homes in Bulgarian small towns and villages form the majority of overseas buyers.
ERA Bulgaria real estate agency figures show that since the start of 2007, property prices have risen by as much as 20 per cent.
The firm has since predicted that residential property prices in the country are expected to grow by a further ten per cent by the end of the year.
And many experts believe that real estate developers from across central and eastern Europe are now turning their attention to Bulgaria.
"As Estonian real estate developers have acquired skills and experience by working in a new market, they are in turn becoming the leading visionaries in […] Bulgaria," said Andres Hall of the Estonian agency Uus Maa.