Bulgarian property prices up 10% this year
Property prices in Bulgaria have already increased by 10% since the beginning of this year, according to local research.
The strong growth in the residential property market is a continuation of the trend at the end of 2006, and the inflation is expected to continue in the near future.
According to the data from CreditCenter, most Bulgarians took out bank credit to purchase property, with loans covering 80% of the cost. That figure is expected to rise to 90% by the end of this year, the Sofia Echo reports.
The property boom in Bulgaria shows no sign of abating, with National Statistical Institute figures showing that in the Varna region the number of construction permits issued in the final quarter of 2006 was 50% higher than 2005.
A recent Daily Telegraph report stated that over 30,000 Britons have already invested in Bulgarian property, and that as well as the potentially high investment returns, people from the UK are attracted by the relaxed Bulgarian lifestyle.
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