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Top of the Props: Bulgaria pulls off Olympic comeback
Bulgaria pulled off a comeback of Olympic proportions in July, according to TheMoveChannel.com's Top of the Props report. While the world's eyes were glued on London 2012, Bulgaria climbed 10 places to become the eighth most popular property destination in the world - a high jump worthy of a medal.
Spain retained the global property gold, accounting for almost one-fifth of buyer enquiries on the overseas portal. America stayed strong in second place, leaving France to take the bronze. But it was Bulgaria's bold qualifier that gave the tournament's best performance, increasing the country's share by 1.35 per cent last month to take 2.57 per cent of all enquiries on the site.
While the Olympics only occur once every four years, though, Bulgaria's booming popularity appears to be a more regular occurrence. Indeed, Bulgaria bounced back into TheMoveChannel.com's top 10 exactly 12 months after its last appearance, when it controversially leapt four spots to record its personal best of seventh place.
Bulgaria's marathon effort against the big contenders inspired other smaller property markets to up their game too: Cyprus swam against the economic current to replace Germany in ninth, while Croatia pole vaulted four places up to 10th to relegate Malta from the competition.
Investors keep giving their gold to the property veterans, but as Brazil cements its top 10 status alongside Bulgaria, summer 2012 shows that the tiny challengers are flexible enough to dodge the hurdles of global recession.
Director Dan Johnson comments: "When Bulgaria sprinted into TheMoveChannel.com's Top 10 last July, many balked at the idea that it could rival more traditional destinations. Over the last year, demand has definitely dropped, but as the market becomes more stable, its training appears to be paying off: with no major marketing activity or push from developers,
Bulgaria's improved monthly ranking seems to come directly from the appeal of its prices. A new law allowing overseas buyers to invest without registering a Bulgarian company first can only help its fitness. Was last year a practice run for this summer? Luckily, we won't have to wait four years to find out."
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