Money

Bulgaria is nominated number two booming foreign market!
By Marc da Silva - Everyinvestor.co.uk
Published: February 01, 2007

Bulgaria - the market is 122% more active since 2001. Located in the south east of Europe, the residential property market in Bulgaria, the European Union's (EU) newest member, has received a lot of investment from both locals and foreigners over the past few years. Bulgarian estate agents report that around 261,000 property transactions took place in Bulgaria during 2006, which if accurate, represents an increase of approximately 122% since 2001

While Bulgarian residential property prices have been appreciating at a rather rapid pace over the past few years, price levels remain extremely cheap compared with many other European countries. Average property prices in Bulgaria rose from €183 per square metre in 2003 to €428.5 per square metre in 2006, according to the Bulgarian National Statistics institute.
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SOFIA, Bulgaria -- Real estate sales in parts of Bulgaria have topped Europe's hottest properties lists for the last two years, fed by a booming tourism sector and investment-hungry British and Irish buyers. In contrast, neighboring Romania continues to see big gains, but without yet appearing on the foreign buyer's radar.

Both countries joined the European Union on Jan. 1, and real estate analysts say the effects include an increase in confidence -- and, eventually more sales -- from foreigners wanting second homes or investment properties.

"'It's more of a psychological factor from the viewpoint of foreigners who thought Bulgaria and Romania were risky countries,'' said Georgi Dutchev, the editor in chief of Properties Xpress, a magazine published in English and Bulgarian here. For them, E.U. membership ''means transparency and certainty for investment, even though it's not that way, or at least not immediately.'' The countries have the lowest property prices in the 27-member bloc, even though they have experienced years of sharp price increases.

For example, a 70-square-meter, or about 750-square-foot, apartment in Sofia would have sold last year for about 48,160 euros, or $62,608, according to figures from the country's National Statistical Institute. That is twice as much as the apartment would have sold for in 1993, when it would have been the equivalent of 24,364 euros, or $31,500. (One square meter is about 11 square feet.) Read more here>>