Bulgaria experiencing phenomenal growth
Britons are flocking to invest in the Bulgarian Property market, the Association of International Property Professionals (AIPP) has revealed.
AIPP describe the interest in the eastern European country as "phenomenal", claiming it is fast becoming one of the most sought-after locations for Property Investment in the world.
Indeed, a recent survey into the international property market carried out by AIPP highlighted Bulgaria as the third most popular destination for UK investors after Spain.
Bulgaria was the first market to demonstrate such "unbelievable" growth in such a short space of time, AIPP explained, however it is now experiencing increased competition from other emerging markets including Poland.
Paul Owen, AIPP's chief executive said: "It's gone from emerging to almost-established in three years, which is just unbelievable.
"It had a free run of being 'the' emerging market for three years, but it's now got competition from many others coming in Poland, Latvia, and Montenegro and there are a lot of emerging nations with comparable property prices which are relatively unheard of."
He also added that the extent of Bulgaria's success would be revealed in the resale of homes in a few years' time.
"There's a lot of properties being built, there's no doubt that prices have gone up in the last few years properties will be sold a second time around, the second wave of buyers will come in," he added.
According to the Bulgarian Ministry for the Economy, tourists from the UK grew by a staggering 62 per cent in 2004, while the World Trade Organisation predicts that visitors to the country will exceed 20 million by the year 2010.
Overseas Property News posted on 03/05/2007 15:53:10