Bulgarian property growth "phenomenal"
The expansion that has taken place in the Bulgarian property market over past years has been described as "phenomenal" by a real estate industry expert.
According to the Association of International Property Professionals (AIPP), there has been a distinct change in the nature of the overseas property industry in the past three or four years.
Certain markets, with Bulgarian property being a prime example, have emerged which previously would not have been a consideration for would-be investors.
Paul Owen, chief executive of the AIPP, said: "The interesting thing about Bulgaria is that it's the first of its kind to have come from a market which most Brits hadn''t invested in“ to being, according to our research, the third most popular market in the world. Which is phenomenal."
Offering a prediction for the future of Bulgarian property, Mr Owen forecast that the resale market will "kick off".
He pointed out that a number of new properties are being built, prices are going up and a second wave of buyers are now beginning to enter the market.
Bulgaria''s growth has taken it from an emerging industry to an almost established one in three years, Mr Owen said. He also pointed out that the label of ''emerging industry'' can now be applied to sectors in Poland, Latvia and Montenegro, offering more competition to Bulgaria within its niche market