A growing number of foreign investors are expected to enter the Bulgarian property market for its moderately-priced apartments and to take advantage of the growth in high-end projects, it has been claimed.
Prices for property in Bulgaria now range between €800 (£611) and €1,200 a sq m in new developments and this is attracting the attention of Romanians, Poles and Russians, the Financial Times reports.Last year, purchases of property and land for development accounted for 40 per cent of Bulgaria's €5 billion in foreign direct investment. This year, the economy is expected to grow by five per cent.
Brian Conneely, of West Properties International, told the newspaper: "There is a swing now from budget properties to those in better locations, of good build and good management."
In recent years, investment has been targeted at building apartment compounds, which were then sold on to foreigners who, in turn, then rented them out to holidaymakers and residents, according to Propertywisebulgaria.com.
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