Further progress for blossoming Bulgaria

Assetz News, 5th July 2006

There is new evidence today of Bulgaria's continued progress as it cements its reputation as a European property hotspot.

Bulgaria is set to join the EU early next year and it is a prospect that has hugely enhanced the country's status as a strong option for property investment. Bansko, Borovets and Pamporovo have proved particularly popular with investors, largely as the ski properties are still exceptionally cheap despite huge levels of investment in recent years.

There is also a chance that Bulgaria will host the 2014 Winter Olympics, which has again stirred interest from investors across the world.

But EU accession is of course the real attraction for many, with experts suggesting that it will bring about huge house price growth as links with Europe are notably enhanced.

There is already evidence of these links being improved, particularly in the world of transportation. The Sofia News Agency reports that new flights have been launched from Sofia to Alicante, for instance, operating every Wednesday. A new flight path has also opened between the Black Sea city of Varna and Italy's Milan, while there are now also flights going between Burgas and Dublin as well as Burgas and Madrid.

Links with Holland have also boosted Bulgaria's relations with its European neighbours and there is a sense that it is now picking up momentum ahead of EU accession.

Interestingly, the Bulgarian News Network (bnn) has reported today that Bulgaria and Romania are set to adopt the common European currency before Hungary, which has been a member of the EU since 2004.

Adoption of the euro could again prove to be a key development in Bulgaria's emergence as a genuine rival to the likes of Spain and France in terms of overseas property investment, with buyers less concerned about currency complications.

Interest in Bulgarian property from buyers in the UK seems to have been particularly strong over the last couple of years. As reported by the Western Mail, Bulgaria is now being seen as a top destination for beach, ski and golf holidays, and this combination is undoubtedly making it a favourite among holidaymakers from the UK.

David Wingar, founder of Future Asset Management, told the publication that we are on the verge of "a second property revolution in the UK", with 750,000 people likely to buy a second home within the next decade.

"World stock markets are volatile and nervous investors will look to other sources, as happened in 2001," he added.

With Bulgaria expecting impressive growth during this period, thanks largely to EU accession, it may well be that it is in an ideal position to take advantage of this "revolution".

The profile of property investment in Bulgaria is perhaps set for a huge boost in the coming years and many investors have already gambled on this by purchasing in the country. A closer relationship with the EU will undoubtedly add impetus to prospective growth and there are clear signs that this is already being achieved.

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