Overseas property inquiries boom for Bulgaria

Around ten per cent of Britons' inquiries into overseas property centres on Bulgaria, confirming the growing popularity of the country and Eastern Europe in general as a location for second homes.

The Glasgow Evening Times also cites official figures showing that the number of such homes bought in Bulgaria has rocketed by 38 per cent since January this year.

Meanwhile, the Sofia Echo has reported that new modern buildings are likely to increase in demand in the Bulgarian capital over the next two years, at the expense of older property.

The newspaper cited 24 Chassa as reporting that older buildings are less popular as overseas property investments, as they lead to higher costs in terms of destruction and waste disposal, according to property agent services.

Property investors in Sofia are also understood to prefer buildings with fewer than four storeys and with underground parking facilities.

Strathil Ivanov of the city's Yavlena real estate company said that the replacement process was likely to begin by the end of 2006.

It will be a trend worth watching for those looking to buy Bulgarian property at some point in the future.

© Adfero Ltd

08/05/2006

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