Property expert highlights 'phenomenal' Bulgaria property market
A property expert from an industry body has highlighted the "phenomenal" nature of the Bulgarian property, having gone from an emerging market to nearly established within the space of three years.
Paul Owen, the chief executive of the Association of International Property Professionals, has said that although the Bulgarian market is now starting to face stiffer competition from the likes of Montenegro, the demand for property in the long-term looks set to continue.
He noted that after the last three years of enormous expansion and growth in the market, a second wave of investment looks to come in as the resale market starts to develop.
"There's a lot of properties being built and there's no doubt that prices have gone up in the last few years ÔÇô properties will be sold a second time around, the second wave of buyers will come in," he explained.
He added that Bulgaria's "unbelievable" success as a centre for property investment can be put down to the fact that it has had a "free run" of being the emerging market of choice.
Recent figures from Bulgaria's National Statistical Institute revealed that residential property values increased by an average of 9.3 per cent across the country during the first quarter of 2007.
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