Bulgaria set for substantial growth in 2006

Assetz News, 2006-01-20

     On the day that Bulgaria's president reiterated his conviction that the country should be granted accession to the EU next year, a new report has placed Bulgaria in the top three countries for expected growth in 2006.
     Basing its league table on the number of searches on its website, cheapflights.co.uk found that there had been a 50 per cent increase in interest in Bulgaria, with both holiday makers and prospective property investors all eager to learn more about the country. With economy flights more common and access expected to improve again with the completion of new terminals at Sophia's airport, it seems that interest will continue to intensify throughout 2006 as potential EU accession draws closer.
     In recent years, property investment in Bulgaria has become increasingly common as individuals and businesses alike have looked to make the most of a rapidly improving economy and a burgeoning tourist industry.
     Many experts have suggested that Bulgaria's accession to the EU would be the final factor in opening the floodgates to a property boom similar to that enjoyed by Spain during the last 25 years, and according to Pravda, Bulgaria's president Georgi Parvanov has today urged EU member states not to delay their decision.
     "We'll go on successfully working on EU requirements," said Mr Parvanov during a speech marking his fourth year in office.
     "All we want is to see the bloc judging our bid in the same way it judged the ten new members," he continued.
     EU accession would undoubtedly boost residential property investment across Bulgaria, with an increase in tourism leading to a higher demand for holiday homes and rented accommodation.
     The impact of increased tourism on the economy would also instigate a general rise in house prices in Sofia and beyond and it is this basic assumption that has led many UK residents to invest already in the still remarkably cheap property around the capital. Ski resorts including Borovets and Bansko have also proved popular as many investors look to capitalise on the fact that houses can be acquired at a much cheaper price than corresponding property in France.
     Aside from residential property investment, there has also been a sharp rise in the number of commercial property projects in Sophia as worldwide businesses look for a base in Eastern Europe. Yet again, EU accession would lead to a massive rise in the price of properties as businesses make the most of better trading conditions and a developing commercial centre in Sophia.
     Reflecting the current interest, Bulgarian economy minister Roumen Ovcharov has this week met representatives from Siemens to discuss a wide variety of investment projects while a series of American businesses are similarly exploring the possibilities of using Bulgaria as a European headquarters.

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