Bulgarian real estate market attracts foreigners with lower prices

Sofiaecho.com, 2006-05-25

     Property market tendencies show lower prices influence the choice of real estate buyers most, even if the quality is poor and the apartment needs urgent repair. Property agencies' statistics about foreign investment are controversial, Darik Radio reported.
     Foreign investors are attracted by the lower prices in Bulgaria. They are interested in buying property costing less than 6 000 euro in remote villages. Afterwards investors reconstruct the building, transforming it into modern villa. Demand for such property exceeds the interest in luxurious houses in Sofia, which cost over 300 000 euro.
     Nearly 40 per cent of the purchasers resort to mortgage credits to buy property. The liquidation period varies from 25 to 30 years.
     Another market tendency is increased demand for smaller property with higher quality. Young couples in particular search for fully furnished apartments without a need for further repair.

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