Rise in Bulgarian residential property 'on way'
New figures released by the real estate agency ERA suggest that residential property prices in Bulgaria are set to rise by 10% by the end of the year.
According to the figures, residential property prices in Sofia saw a hike of 16%, while properties in Varna were raised by 18% and that is in relation to figures for the final quarter of last year.
Price growth during the first 6 months of 2007 hit 25% in a number of the country's larger towns, contends the firm.
In addition, the figures are larger than those expected and come after Bulgaria joined the European Union (EU).
Managing director at ERA Teodora Dimitrova told investor.bg that the growth of the mortgage market and a growing demand for apartments contributed to the increases.
Moreover, residential property prices remain among the cheapest in the EU for those looking to invest in the country, the Sofia Echo claims.
The firm states that it was one of the first real estate agents to enter the market in Bulgaria.
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