News: EU membership boosts Bulgaria

Thu, 03 May 07

Confidence in the Bulgarian property market has been boosted by the Balkan country’s accession to the EU this year, it has been claimed...

In a report published in the Sofia Echo, Andrew McDowall, editorial manager of the Oxford Business Group, pointed out that 29 per cent of Bulgarian real estate sales are to foreigners.

British (67 per cent) and Irish (12 per cent) people dominate this group, but Mr McDowall suggested that a wider range of nationalities will enter the sector in coming years.

The report supported the views of Chris Goodall of Quest Bulgaria that golf tourism could be the next big thing in Bulgaria, with many foreign firms pursuing investments in golf courses and other high-end developments such as luxury hotels.

Another potential area for growth, suggested by Katya Tsenova, executive director of the Address real estate agency, is spa tourism, with locations such as Velingrad, Hisarya and Sandanski possibly seeing a benefit from this.

A recent report by Assetz named the Bulgarian property market as the third best sector in which to make a profit, ahead of such popular and developed industries as Turkey and France.

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