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Sofia 'is a cheap capital city'

Article Date : Monday, October 01, 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

Investors who hope to snap up properties in a major European city have been advised to look at the Bulgarian capital Sofia.

Research by ERA stated that the city was the cheapest capital in Europe, meaning that foreign property buyers could look there for relative bargains.

Figures showed that while cities such as Luxembourg had average property values of €485,000, Sofia offered prices of about €78,000.

Furthermore, ERA said that there was lots of activity in the city's property market because most people owned their own homes.

Speaking to the Novinite news agency, ERA spokesperson Teodora Dimitrova stated that the high home ownership levels in Sofia acted as a "powerful engine" for the local property market.

He said this was because it boosted the potential for selling and buying real estate in the city.

According to World Investment Services, the popularity of eastern Europe among tourists could make countries such as Bulgaria highly lucrative for foreign property buyers.
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