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Investment In Bulgaria Is Becoming An Increasingly Attractive Prospect.
Property prices have been rising steadily for a number of years now as Bulgaria widens its appeal to a broader cross-section of the investment community. With the ski resorts including Bansko and Borovets improving annually and the Black Sea resorts also building up an impressive tourist industry, there is certainly a lot to look forward to in Bulgaria.The Sofia Echo has today referred to reports in both the Dnevnik newspaper and the Wall Street Journal, both of which point to a significant rise in demand for properties in Bulgaria and in central and eastern Europe in general.
Bulgaria, the Czech Republic, Poland, Romania, Russia and Slovakia collectively brought in €5.8 billion through property deals last year, according to the report. This is thought to have represented a 38 per cent increase on the investment figure for 2004.
Writing for the Independent recently, journalist Robert Nurden remarked that thousands of Britons had now "seen beyond the cliches" associated with Bulgaria and were investing their money in the property market.
Mr Nurden went on to describe the sheer variety of investment opportunities in the country, with the capital city of Sofia one of the most notable. He suggests that the property boom has now reached the centre of Sofia, with locals also actively contributing to the market.
Bansko was also mentioned in his article, with the gondola from the town to the pistes rated as "second to none".
Bulgaria, largely on the basis of the potential that many see in its real estate market, is often referred to as the new Spain. It is a comparison that will be tested when Bulgaria gains EU accession, as this progression proved vital for Spain as property prices began to soar.
According to Mr Nurden, the parallel can apply specifically to Sunny Beach, which he suggests could feasibly become the new Costa del Sol. While Bulgaria has a long way to go before this could be considered an accurate description, the potential for growth has certainly encouraged many and the extent of the investment around the Black Sea regions is testament to this.
Property is generally extremely cheap in Bulgaria which is of course one of the key reasons that investors have taken such a keen interest.
Referring to data from imoti.net, however, the Sofia Echo has indicated that a number of key areas have already risen considerably in price.
Sofia's Ivan Vazov district is thought to be leading the way, with apartments in the area now more than €1,000 per square metre. The article points to the vicinity of medical and education centres as a key contributory factor, while Darik radio is reported as saying that the nearby Southern Park is also having an effect.
Experts suggest that property investment will continue to have a significant impact on Bulgaria's development in the next few years, but EU accession will clearly be central to the extent of the progress. With a diverse range of properties available, investors considering Bulgaria as an option are advised to seek expert advice before committing.