UK investors increasingly turn to Bulgaria
Bulgaria is challenging traditional overseas property investment areas for UK buyers, claiming the 3rd biggest market share according to a new report.
The Association of International Property Professionals' (AIPP) first annual report on overseas investment shows that only perennial favourites Spain and France had a greater share of British investment than Bulgaria in 2006.
"It is very credible that the Bulgarian market is growing rapidly because it has had a lot of UK media exposure and has branded itself in a way that Romania and other such countries either haven't tried to or haven't managed. It will continue to have an active property market going forward," Chris Howard of 4:Property told What Investment.
Mr Howard added that demand in Spain and France is likely to continue as well due to proximity and familiarity to UK buyers.
Bulgarian property prices have experienced year on year increases upward of 10% in recent years, and many investors have seen excellent returns from buying off plan.
With economic growth close to 5%, the favourable investment environment in Bulgaria looks likely to remain.
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