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Bulgaria Property Investment News
Sofia 'is cheaper than other capital cities'
Sofia is one of the cheapest capital cities in Europe for property purchasers, according to new figures.
Research by ERA found that residential property prices in the Bulgarian capital were €78,000 on average, reports Novinite.
By contrast, the average property price in Luxembourg is €485,000.
This means that overseas property investors hoping to enter the Bulgarian market could snap up a relative bargain in the capital.
Property owners were also said to be able to benefit from the high home ownership rate in the city, as 94 per cent of people owned their own house by the end of 2006.
ERA spokesperson Teodora Dimitrova said this was a "powerful engine" for the city's property market, as it boosted the potential for buying and selling real estate.
Last week, Lewis Charles Sofia Property Fund recommended that investors in rental property target holidaymakers rather than Bulgarian locals.
Speaking to the Telegraph, a spokesperson said that since most people owned their own properties, there was not much of a domestic buy-to-let market.
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