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Bulgarian-Austrian Company to Build Wind Energy Park on Northern Black Sea Coast
The Bulgarian-Austrian consortium "Wind Energy" presented on Thursday ... More>>
Sofia Mayor Plays Himself in Bulgarian Soap Opera
Sofia Mayor Boyko Borissov appeared in the role...More>> |
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About Bulgaria - Property Market |
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The Property Market In the last several years Bulgaria has been the leading and most attractive property investment destination in Eastern Europe. The country’s EU membership, the long term political stability, the continuous economic growth, the improved business environment, the dynamic development of the banking system and easier access to credit, as well as the huge potential and robust development of tourism, have led to a real boom of the property prices in Bulgaria.
The property market was the absolute economic leader of Bulgaria's economy in 2007 with a record-breaking turnover of 11.36 billion euro with property prices recording an annual growth of 30% - 35 %. The country presently produces an average 84 per cent return on capital investment, well ahead of Poland in second place.
In the past year some property values have increased by 50%, especially in Sofia, the Black Sea resorts (Sunny Beach) and in the ski resorts (Borovets, Bansko). Prices in the Bulgarian capital are still nearly 40% lower than in Prague, Warsaw and Bratislava, but are expected to catch up with them in the following years, as will the increasing income of the population. For 2008 experts forecast an overall market growth of an average 30% - 40% per annum.
Market Analysts comment that the rise in FDI (Foreign Direct Investment) has undoubtedly influenced the property market in Sofia, in both the residential and commercial markets. Luxury residential properties are now in huge demand primarily driven by international buyers and multinational workers. Going forward into 2008, the rise in luxury house prices will keep pace with the overall residential market growth of an average 30% - 40% per annum. |
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