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| Record of investments in Bulgaria |
| Published on 22-10-2008 | Email To Friend Print Version
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The faster growing property market, at least in Europe, asserts Bulgaria as the “Obelisk,” a company specialised in offering special advice in property investment, this title has previously been assigned to Bulgaria.
According to “Obelisk” data, investment in the Bulgarian property market has increased to 11, 36 billion Euros in 2007 alone, indicating an increase of 2, 36 billion Euros in comparison to 2006 sales reports show a record high. Many analysts predicted that the increase in 2007 would be approximately 30% but already as data shows in September 2007 this increase was already 32%. Many of the towns are fast becoming large and desirable destinations including the capital city Sofia. According to “Obelisk” analyst Mr James Gonzalez the increase in property prices is due to the good and healthy picture of the housing loan market, the high profit returns received on a yearly basis and the potential possibility that Bulgaria will not be affected by the worldwide financial recession problems.
The problems surrounding the subprime loans in the USA did not directly affect Bulgaria as the banking system in this country is limited only to the internal market; as a result the financing of the purchasers continue.
UK investors are in first place covering 40% of the investments and Russian investors are second with 38%. An important factor which attracted foreign capital investment was the change in tax regulation in Bulgaria, where the Gains tax is only 10% for both private investors and companies. Another cause for the increase in the Bulgarian real estate market is the deficiency of modern apartments, modern offices and commercial centres in Bulgaria. The investors are also interested in the tourist section for property, holiday homes and hotels especially in coastal areas surrounding the Black Sea.
The development of infrastructures, immovable property market and the increase in tourism are important factors in the general construction activity of this country.
The Top Properties Team
October 2008 |
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