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News: Investor eye bargain Sofia

Tue, 30 Oct 07

Overseas investors who want a cheap property in a European capital have been advised to look at Sofia...

A study by ERA found that prices in the Bulgarian city were €78,000 on average, making it one of the cheapest capitals in Europe, the Novinite news agency reports.

In order to highlight the relative bargains on offer, the firm said that property buyers would have to pay about €485,000 to make a purchase in Luxembourg.

Foreign buyers were also said to be able to benefit from the high home ownership levels in Sofia, as this meant there was plenty of activity in the city’s property market.

Teodora Dimitrova, spokesperson for ERA, said this acted as a "powerful engine" for the market in Sofia, as it improved conditions for both buyers and sellers.

Figures showed that last year, 94 per cent of people owned their own home, while almost two-thirds had more than one property.

Last week, the Sofia Echo reported on research by Bulgaria’s National Statistics Institute which showed that tourism was driving economic growth in the country.

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