Delay to ban cash purchases in Bulgaria likely to present investors with bargain properties

Property investors should act quickly to take advantage of the delay banning cash purchases in Bulgaria, it has been claimed.

House Sales Bulgaria has said that prospective buyers in the country will be able to get their hands on bargain properties in the next few months before the property law is ratified.

The law - which is based upon the system used in France - aims to add transparency to the housing market, as well as increasing civic revenue, which can be poured back into infrastructure and help boost property sales in the country.

But due to the Bulgarian parliament's failure to pass the law before Christmas, it is unlikely that it will come into effect until May or June of 2010.

Something which House Sales Bulgaria believes will be of benefit to buyers, the organisation states that many home sellers who wish to receive part-payment for their properties in cash are likely to reduce prices in order to do so.

Overseas investment company Property Venture recently named Bulgaria as one of its top investment choices for the UK buyer in 2010.

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