23.03.2007 PROPERTY BOOM STILL ONGOING IN BULGARIA - REPORT

Sofia Echo

In an article entitled On Course for a Building Bonanza, The Independent reported that Bulgaria’s property boom continues.

Initially Bulgaria attracted investors with the low prices but is now moving up in the international property market.

Coastal resorts continue attracting the majority of buyers, the report said. Several major projects are carried out at the moment and promise to offer highest quality upon completion.

Some new developments focus on golf and luxury property, The Independent reported.

Investors that entered the country several years ago have seen high return rates. Buyers now are a bit more skeptical if the percentage remains just as high.

Market has calmed down but growth will continue in the future, agents said. One of the reasons for further development is Bulgaria’s evolving tourism industry, the report said.

Interest in the capital of Sofia is growing, as well. While buyers with bigger budgets turn to coastal and ski resorts, one and two-bedroom apartments located in proximity to Vitosha mountain attract other foreign property buyers, The Independent said.



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