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Investment prospects 'improved by EU accession'

Article Date : Thursday, March 22, 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 accession of eastern European countries, such as Bulgaria and Romania, to the EU has made them more attractive to British investors, according to a property expert.

Kate Hamilton, spokesperson for property magazine Homes Overseas, said that joining the EU is a "positive" move for the likes of Bulgaria because it indicates a stable economy.

"This position can only improve as the eastern European countries look to adopt the euro, making them a much safer bet than they were previously," she remarked.

Investors thinking of renting to Brits who are staying in Sofia, Bulgaria's capital will find there is a healthy short-term investment market. However, the best decision that an investor can make is to look to the long-term and rent to locals "for logistical purposes".

"It is probably best to involve local management in terms of letting as well because they would be better placed to get hold of tenants for you," she added.

According to Knight International, investors hoping to buy a property in Bulgaria should consider obtaining a mortgage in the UK where deals are much more competitive.
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