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Influx of property investors in Bulgarian town

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Symptomatic of the general growth that Bulgarian property market is undergoing, the mayor of Avren has voiced his astonishment at the interest his small town is currently receiving.

Avren is situated in the north-east of the country by Varna and it is reportedly famous for its astronomical observatory that draws local stargazers.

The town's mayor, Krasimir Todorov, has told the Sofia News Agency that the number of foreigners acquiring properties there is now in excess of 400, thanks to 70 transactions within the last couple of months.

This surge of investment would seem to reflect the growing optimism that house prices are set to soar throughout the country as its infrastructure is realigned to accommodate EU accession in the next few years.

As a picturesque coastal town, however, Avren and indeed Varna are also popular with people wanting a holiday home away from the more predictable European resorts in Spain and France.

Mr Todorov has said that the majority of the interest is coming from British and Irish investors, which has been true of Bulgaria as a whole over the last few years. While Spanish and French properties present less of a challenge in terms of transportation in particular, Bulgaria's unique scenery and reputation for house price inflation certainly makes it the first choice for many.

It has also been reported today that residential house prices in Sofia are looking healthy, with some of the areas in the outskirts of the city faring better than the city centre itself.

The Sofia News Agency has referred to statistics from a local real estate website which show that residential apartments in Ivan Vazov are now some the capital's most expensive, while the Lozenets district is only marginally behind.

Apartments in particular will presumably be in great demand after Bulgaria joins the EU, simply because of the number of workers who will be attracted to Sofia as it emerges as a more central player in the European business scene.

Irrespective of Bulgaria's standing within Europe, however, the ski resorts continue to expand and grow in popularity, making the acquisition of ski properties a tempting proposition for a number of investors.

Research by the LemonTreeVillas website, for instance, has indicated that property prices have increased by an average of 20 per cent each year since 2003.

If Bulgaria gets its wish and is chosen to host the 2014 Winter Olympics, the likes of Bansko and Borovets will become more popular still and it is a fact that has persuaded thousands already to buy houses in the surrounding areas hoping to gain rental income or to sell in a few years' time.

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