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Bulgaria: Investment Potential 2008

Bulgaria is one of the hottest emerging property markets and has achieved an incredible rate of growth in recent years. Such confidence in the Bulgarian property market is due in part to its admission into the EU in 2007 but also to a healthy economy. Add to that a diverse property market with year-round letting potential and Bulgaria has all the ingredients of a perfect property investment climate.

Property Prices in Bulgaria

Bulgaria's National Statistic Authority noted that Bulgaria property prices had grown by 15 per cent during the first half of 2007. At the beginning of 2008, Knight Frank's Global House Price Index revealed that Bulgaria had claimed the top spot in the Knight Frank league. Another prestigious European housing review, by the Royal Institute of Chartered Surveyors (RICS) reported that Bulgaria had attained the second highest level of house price growth throughout central and Eastern Europe during 2006. All great news for property investors in Bulgaria and healthy capital growth.

Healthy Growth in the Economy and Tourism

In early 2008, the Invest Bulgaria Agency (IBA) announced that Bulgaria's tourism and real estate sectors had attracted the greatest share of foreign direct investment in 2007. Investments reached about €5.05 billion, a 20% increase on 2006. The diversity of the Bulgarian property market is what makes it such a great investment; with coastal resorts on the Black Sea, perfect skiing conditions in the mountain resorts and a chic European capital, Sofia, perfect for short breaks.

The time is ripe for property investment in Bulgaria because property prices are still low compared with many other popular European investment locations. Bulgaria property remains up to 40 per cent lower than other Eastern European countries that have recently joined the EU. Traditional price rises after EU accession are expected to eventually occur in Bulgaria, assuring property investors of significant capital growth when they invest in Bulgaria.