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Investors 'should consider surroundings'

Article Date : Tuesday, June 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

The Bulgarian property market has experienced rapid growth in recent years, but investors should consider whether the country's resorts are becoming overdeveloped, one expert has claimed.

Filmmaker Nikolai Chavdarov told the Guardian that the popularity of Bulgaria as a property investment market could lead to "overdeveloped and ugly" locations over the next few years.

However, people ought to consider the impact that developments close to their own property may have on the value of their investments, Mr Chavdarov argued.

"Let's hope that there will be balance between the reality of the profit seeking and the rule of reasonable urban and rural development," he remarked.

According to recent data produced by the Bulgarian National Bank, the amount of external investment in the country's property sector during the first three months of the years was 63 per cent higher than during the corresponding period in 2006.

In total, the bank found that EUR 310 million was invested in property, representing 40 per cent of all foreign investment in the country during the first quarter.
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