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Bulgaria Property Investment News
Bulgaria a "gorgeous" prospect
Bulgarian real estate companies must take care not to fall into the same trap of overdevelopment as did the Spanish property market, according to local experts.
Nikolai Chavdarov, a Bulgarian documentary maker, wrote in the Guardian that the saturation of the market - which recently sparked fears of a crash in Spain - is "a looming danger" in the flourishing Balkan state.
A recent survey from the Association of Property Professionals rated Bulgaria as the third most popular destination and Mr Chavdarov admitted that the country's popularity was justified:
"Just browse the web or Google 'Bulgaria and real estate'", he said, "and you will find why it is actually good to have a country with gorgeous, still relatively well-preserved nature in the EU.
"You can actually buy a house with a really cool view where you have fairly cheap daily air travel too."
He added, however that there must be "balance between the reality of the profit seeking and the rule of reasonable urban and rural development".
Mr Chavdarov's fears are not unfounded, with the recent wobble of the Spanish property market an excellent example of the affects of over-saturation.
He concluded that he hoped the Bulgarian market would follow the same path as property in Prague: "The growing number of foreign owners did force the prices up but it also boosted the quality of construction."
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