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Bulgarian property market woos foreign investors
Bulgaria will join the European Union on Jan 1, 2007, and is on the verge of becoming the Riviera on the Balkans. The improved economic conditions, political and social stability in Bulgaria over the last 3 years have culminated in a real boom of the prices of property in Bulgaria.
Other important factor for the rising property market is the huge tourism potential in the country. Incredibly, Bulgaria is now the third most popular holiday destination after Spain and France for British holidaymakers.Together with the constantly rising prices, buying property in Bulgaria is one of the best investments that one can make these days with prices likely to increase with EU membership, as well as been a great retirement home. Moreover Bulgaria has one of the most liberal investment laws in the region.
Last year prices rose by about 35 per cent, and in the lead-up to EU accession in 2007 annual rises of 25 per cent are predicted. The increase in foreign investment is set to continue because of Bulgaria’s expected EU membership perspective and the constantly expanding tourist industry.
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