Sun 7 January 2007 17:41

13 % of Britons Eye Property Purchase in Bulgaria, Romania


One in seven Britons is considering purchasing property in Bulgaria or Romania, following the countries' EU accession at the beginning of this year, according to a new survey.

The number of foreign visitors to Bulgaria went up by 8.3 % last year, bringing the total in 2006 to 1.5 million, while visitors to Romania went up from 800,000 in 2000 to 1.4 million in 2004, the study by MRI Overseas Property found out.

"Bulgaria and Romania's official inclusion in the European Union is a key opportunity for property investment in these emerging markets," commented John Triton, a sales director at MRI Overseas Property.

"Based on the past history of other Eastern bloc countries joining the EU, where property prices have risen significantly these markets look set to become strong areas for capital growth."

Cities Recommended for Bulgaria Property Investment


With the growing popularity of eastern Europe as a destination for foreign property investment, experts are recommending that investors look towards cities in Bulgaria for the best opportunities.

"I think a lot of people have already gone to Bulgaria already because of the cheap prices," Simon Tweddle, head of research and analysis at Property Secrets stated, as cited by the site of the London Stock Exchange.

Experts at Property Secrets maintain that properties located in urban parts of Bulgaria offer strong investment potential and are yet to be fully exploited by foreign investors.

These recommendations follow the accession of Bulgaria and Romania to the European Union this year, a development which is fuelling economic growth and boosting the value of properties in many areas.

Simon Tweddle argues that the context surrounding Bulgaria and Romania's accession is central to future property market developments, speculating that city investment in Bulgaria could be significantly lucrative.

"I would recommend investing in cities, because you have local demand propping up the market rather than investors propping up the market."



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