Higher foreign investment in Bulgaria's real estate sector

www.sofiaecho.com, 2006-04-27

     More than 10 per cent of the foreign investment in Bulgaria for 2005 is in the real estate sector, Pencho Nenov, vice executive director of InvestBulgaria agency said. Nenov was present at the opening of the Real Estate Expo yesterday, 24 Chassa newspaper reported.
     According to the agency,37 of the apartments purchased last year in Bulgaria were bought by foreigners. Investors come mainly from Britain and the Scandinavian countries and are interested in purchasing property within mountain and seaside resorts. Reasons for this interest in the country include the good climate and the prices three to four times lower than those in other European states.
     Real estate market tendencies also include increase in the number of newly constructed buildings. Only for 2005, 1900 new buildings were erected, which is 400 more than the number for the previous year. Most are concentrated near the seaside and for the purpose of spa tourism.
     National Statistical Institute survey shows investors constructing new hotels aim at higher quality of service. As a result, five per cent of the newly built facilities rank five stars, and another 15 per cent have four stars. The most expensive hotels are located in Nessebar.
     Prices of office buildings are falling because of the intense construction of business facilities. Investors show growing interest in plots in industrial areas.

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