PROPERTY INVESTMENT IN BULGARIA FAILS TO BRING FAST PROFIT

Construction contractors and property agents claim that Bulgaria will be the next hottest property destination. Apartments in coastal and winter resorts can be purchased for 35 000 pounds and prices had increased three times over the past several years, they said.

But agents said that construction contractors artificially keep high prices and the price increase had little to do with demand, Sunday Express reported.

Assetz property agency director Steward Law said that a big number of property buyers were persuaded to purchase property in Bulgaria before the country’s EU accession, expecting the prices to raise after the union entry. Predictions failed to come true.

Still, Bulgaria offered good investment opportunities, except for fast profit, he said.

Property purchase in Bulgaria was risky and experts advise investors to be careful, the newspaper said.