Foreigners Buy Hotels in Bulgaria

Standart News, 2006-10-16

     Profiteers cede their territory to investment funds.

     "Foreign investment funds are among the few potential buyers of hotels in Bulgaria. The Spanish Chamber of Hotel-Keepers and English investment funds have already shown interest in tourist sites in Bulgaria," Blagoi Ragin, Chairman of the Bulgarian Hotel and Restaurant Association (BHRA) states.
     The real estate market will pick up after Bulgaria's EU accession," Mr. Ragin forecasts. "Presently, few deals are being realized despite the huge supply. The owners who are after quick profits are ready to sell to serious investors," Ragin said further.
     The place of the profiteers is now taken by foreign investors, which can afford to wait for years until they return the invested funds.

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