'Property Market in Bulgaria Enters New Phase, Specialists Reccomend Long Term Investment '

Property Market in Bulgaria Enters New Phase, Specialists Reccomend Long Term Investment

By TopBulgarianRealEstate at 10/11/07 08:53

A growing number of foreign investors are entering the Bulgarian property market.

In addition to investors from the UK and Ireland, many Russians, Scandinavians, Austrians and Americans are also showing interest in the Bulgarian market, investor.bg reported.

Market growth is expected to slow in response to increasing demand and competition in the sector over the past few years.

The high annual growth rates of 20 per cent seen in recent years are finished.

This is a common process for all markets, UK broker agency Off Plan International sales director Simon Walker said.

Walker said that property seekers should focus on long-term plans for a five- to ten-year period to increase their investment returns.

It is also important for investors to make thorough market research before they invest in property in Bulgaria.

Holiday property is highly profitable only three or four months per year, a fact that investors should keep mind when investing in the Bulgarian property market, Walker said.

Investing in property in towns and cities, especially Sofia, is less risky, he said.

Resorts like Sunny Beach and Bansko are already nearing the point of over-development, and property prices will soon decrease.

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