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Bulgaria will pull in more EU investors, says expert

Article Date : Monday, April 30, 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

Bulgaria's entry into the EU has boosted the confidence of overseas investors in the real estate sector, one expert has said.

According to Andrew MacDowall, editorial manager of the Oxford Business Group in Bulgaria, 29 per cent of real estate sales in the country are made to foreigners, mainly the British and Irish.

However, other EU nations have been less than enthusiastic ? something that could be attributed to negative press coverage about the "perceived" overdevelopment of the coast, he said.

However, Mr MacDowall told the Sofia Echo that he expects a wider range of nationalities to enter the market in the near future, as foreign firms continue to invest in high-end developments such as golf courses and luxury hotels.

He also cited a local real estate agency that expects spa tourism become increasingly popular, especially in Velingrad, Hisarya and Sandanski.

According to Moneycorp's new Foreign Focus Index, 12 per cent of Brits buying abroad are seriously considering Bulgaria and are prepared to spend around 90,000 EUR on a typical property.
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