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News: Bulgaria a land of promise

Tue, 15 May 07

Eastern European countries are "in the limelight" following entry into the EU and are increasingly open markets, a European newspaper has said...

According to the Times of Malta, Bulgaria is fast becoming a land of opportunity as its real estate sector continues to absorb foreign investment.

Recent research by Oxford Business Group (OBG) has shown that 29 per cent of real estate sales in Bulgaria involve foreigners, mainly from the UK.

Chris Grech, director of Maltese real estate company Dhalia Group, told the newspaper that Bulgaria's transition from communism to capitalism "did lead to instability, but with EU membership things are changing".

"As a tourist destination, we feel Bulgaria's climate and natural beauty have made it a stronger destination at the forefront of foreign investment."

Last month, Andrew MacDowall, editorial manager of the OBG, told the Sofia Echo that he expects a wider range of EU investors to enter the market in the near-term.

This is because foreign firms look set to continue investing in high-end developments like golf courses and luxury hotels, he added.

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