Bulgarian Property Prices Set To Rocket

House prices in Bulgaria have risen by 27% in the past 12 months and are set to rocket further, according to the latest issue of Quest Bulgaria magazine.
The September issue of the magazine says the latest forecast shows price increases of 20% this year. A steady stream of investors has made sure the Bulgarian property market is maintaining it's dynamic position. The country's National Statistics authority says that prices rose 15% in the first six months of 2007 with a 27% increase in the past year. And Address Real Estate, the country's largest agency, forecast a further increase of 10-15% for the rest of the year.
Bulgaria's soaring property prices, follow the pattern of what has traditionally occurred in other countries following EU accession. But despite this, they remain up to 40% lower than Poland, the Czech Republic and Slovakia.
So where are the hot spots?
Quest Bulgaria says that Sofia is still good - but be wary were you buy in the city; the countryside, in and near the prettiest villages; spa towns for the tourism potential; and Varna, the most western European city in Bulgaria. It warns that Bansko is going down in value with too much development and parts of the coastal belt where there is also over development. But, says Goodall, the top tip for home buyers is to invest in a period property in protected areas such as museum towns and villages.eurosilex.com