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Bulgaria |
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Thu 28th Feb 2008 
As Bulgaria progresses steadfastly towards EU accession and the official adoption of the euro so the country is being seen as an emerging economy into which many international companies are ploughing significant investment. The capital city of Sofia has become something of an employment hub and is attracting regional and international professional migration – so much so that the demand for housing and commercial premises in Sofia has shot up especially in the past 24 months.The local Bulgarian people, expatriates and commercial entities are all competing with international property investors for real estate in the heart of Sofia which gives an investor even greater confidence in the market and even greater incentive to commit to buying property in Bulgaria’s capital city. The ski resorts such as Bansko are another area benefiting from the economic expansion of Bulgaria, and infrastructure improvement projects in many of the country’s ski resorts means that the profile of Bulgaria as an important European player in the winter sports resorts market is fast rising which should result in a greater demand for property for sale and rent in Bulgarian ski resorts. The coastal areas of Bulgaria which were the first to boom, prosper and offer property bargain hunters affordable investment properties have suffered a degraded reputation because a great deal of the initial property development was tacky, ugly, substandard and detracted greatly from the outstanding natural beauty of the area. Thankfully the Bulgarian government have reacted quickly to the universal criticism bestowed upon resorts such as Sunny Beach and has implemented new planning and architectural regulations and standards – not a moment too soon mind you! It is thought that these new regulations will preserve the appeal of the beautiful Bulgarian coastline and make the resorts that are dotted along the Black Sea coast more desirable over the longer term and afford property investors another opportunity to tap the increasing tourism market in Bulgaria. And finally a new trend is emerging for property investors looking for an emerging market within this eastern European emerging market! Land banking in Bulgaria is just beginning to be talked about with entrepreneurial investors buying up swathes of purely agricultural land in the most beautiful areas of the country with a view to getting planning permission and developing the plots of land in the medium to long term future. Because agricultural land is so cheap in Bulgaria the investors who are first in on the land banking trend in Bulgaria will probably clean up. |
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