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Bulgarian boom set for slopes

28th November 2005 | back to article listings BACK    print this article PRINT

The property market in Bulgaria has been growing in confidence over recent years and a bumper 12 months in 2005 looks set to continue.

Property investment firm Amberlamb has revealed that an increasing number of property investors are heading to the hills in their efforts to find the next big property boom. Many see the future of property investment in the eastern European country as being on the ski slopes as more people from around the world look to the destination for a cheaper skiing experience.

There are many regions of Bulgaria which are ripe for property investment and remain far cheaper than other areas of Europe where price inflation has jumped significantly in recent years.

As more people start to look to the slopes rather than the sun as an alternative getaway, the Bulgarian ski resorts are well-positioned to make the most of that trend through cheaper resorts that can compete with the traditional ski destinations of central Europe, such as Switzerland and northern Italy.

Bulgaria is preparing for full entry into the European Union in 2007 and that fact is also having a major impact on the amount of investment coming into the country. Savvy investors are quickly searching out properties in the popular ski resorts of the country to get ahead of the game, as they are able to buy property now at a much cheaper rate than when the EU membership brings an influx of foreign visitors and tourists to the country in just over a year's time.

Another factor helping the Bulgarian property market to witness massive investment is the fact that the capital, Sofia, is a strong candidate to host the 2014 Winter Olympics. That would see an even bigger influx of interest in the country – not dissimilar to the frenzied property hunt that was witnessed in the east of London when it was chosen to host the 2012 summer Olympic Games earlier this year. However, one major difference between the economic and property situations of London and Sofia is that, while the UK's capital is one of the most expensive places to live and has one of the most important economies in the world, Sofia is far cheaper and still growing as a force on the European stage.

Therefore, investing in property in Sofia now, in the hope that it may win the Winter Games, is not such a great risk as buying property in London on the off-chance that the city would win the 2012 event. That is because investors can be almost guaranteed that the Bulgarian economy will grow, thanks to some certainties such as the country's entry into the EU in 2007. Therefore, the addition of a successful Winter Olympics bid would be the icing on the Bulgarian property market's cake.

This is a press release by Assetz also available at http://press.assetz.co.uk/articles/2344.html. Alternatively, please see our full press release archive.

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