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Property markets in eastern Europe 'on the rise'

Article Date : Thursday, April 12, 2007       Bookmark on Facebook   Bookmark on Del   Bookmark on Digg   Bookmark on Facebook   Bookmark on Reddit   Bookmark on Spurl   Bookmark on Furl   Bookmark on Yahoo   Bookmark on Magnolia   Bookmark on StumbleUpon   Bookmark on BlinkList

Eastern Europe is still "embryonic" when it comes to property investment, but the market is set to mature, according to consultancy Knight Frank.

Although the likes of Spain, France, Italy and Portugal still dominate the overseas property investment market, UK buyers are increasingly looking eastwards to Bulgaria when the market is already established.

Furthermore, other eastern European nations, such as Latvia and Estonia, are likely to witness a growth in investor interest, the firm stated.

Liam Bailey, head of residential research, said: "For your average individual investor, the western European countries [?] are generally more popular just because there's a more established market.

"When you move into eastern Europe, in some of the countries it's quite an easy system -in countries like Bulgaria, it's a big market and quite a mature system."

He said that breaking into eastern European countries could be made easier with the aid of English language lawyers, "but over time all these places will mature".

Earlier this year, Knight Frank's new global house price index revealed that Bulgaria saw 13 per cent price growth in the last quarter of 2006.
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