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Bulgaria is a hit with investors, reports show

Article Date : Thursday, May 31, 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

Overseas investors, many of which are from the UK, have been buying up property and real estate in Bulgaria, according to reports.

Russian property website Prian.ru has revealed that foreigners bought Bulgarian real estate worth 310 million EUR in the first quarter of the year, which is 63 per cent higher than the same time in 2006.

The findings show that investors from Britain, the US, Luxembourg, and Greece have been busy seeking properties in Bulgaria.

According to the Sofia Echo, official data from the Bulgarian National Bank shows that foreign citizens invested more than 1.1 billion EUR in real estate in Bulgaria last year.

Commenting on Bulgaria's success, Simon Tweedle, head of research and analysis at Property Secrets, said: "I think a lot of people have already gone to Bulgaria because of the cheap prices."

He went on to say that accession to the EU will boost property market developments, which are likely to take-off in bigger urban areas.

"I would recommend investing in cities, because you have local demand propping up the market rather than investors propping up the market," he added.
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