Bulgaria 'benefiting from weakening pound'

Bulgaria is one of the countries benefiting from a decline in the number of investors choosing to make purchases in traditional locations, it has been claimed.

Paul Dimambro of currency provider Hargreaves Lansdown explained that the weakening of the pound against the euro and dollar has resulted in overseas property buyers searching for homes in a wider variety of countries.

"We have seen a 15 per cent increase in the number of countries to which our clients transfer money and an increase in the number of transfers to the more unusual locations," he explained, noting that Bulgaria is one area where there has been an increase in activity.

And property investors looking to convert currency so they can buy abroad may wish to follow Mr Dimambro's advice and buy their money from a specialist, as they can "save investors money" and help reduce the risk of currency fluctuations affecting property purchases.

Mr Dimambro's comments are supported by recent figures from the Address Real Estate Agency, which suggest the country's property market has grown 12 per cent in the last three quarters.