Investors Storm Bulgaria's Real Estate Market

www.novinite.com, 2004-12-03

     There are all needed premises in Bulgaria for the construction of a resort - nice beaches, ski tracks in the mountains, interesting cuisine and landscapes reminding of Toscana and Umbria, Russian Vedomosti newspaper reports.

     Just recently another inevitable part needed for the construction of the resort joined the things mentioned above- the quickly developing real estate market, the article reads on.

     As compared to the countries from Western Europe and some of Russia's biggest cities the prices of the real states in Bulgaria are not high at all, though recently an upward tendency was marked, the newspaper marks. The article also reports that all investors know that after Bulgaria's EU entry the real state market will see a major boom.

     Vedomosti tells the story of the British photographer Anthony Miles, who bought a house in Bulgaria's Black Sea capital Varna for EUR 48,000. After a month he received an e-mail asking if he was willing to sell it for a bigger sum.

     Despite the increasing money inflow to the Bulgarian real estate market it is still too little, the Russian newspaper reports. Britons are the ones most interested in purchasing houses in Bulgaria.

     There is no free construction spot on the major resorts Golden Sands and Sunny Beach, according to the Vedomosti newspaper. In the end of the summer season the Sunny Beach is like a "jungle of cement," while in the near by Nessebar a man can hardly walk.

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