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Bulgaria's appeal to property investors on the rise

Date: 05.12.2005

Mike Lawson

Bulgaria's decision to bid for 2014 Winter Olympics has evinced keen interest from property investors all over the continent and elsewhere.

Property experts have predicted the property market in Bulgaria, which has seen confident growth over recent year, will see more surge in prices if this country manages to win the Winter Olympic bid.

According to Amberlamb Property Investment Resources experts, real estate investors who are looking for untapped, emerging markets are now focussing on Bulgaria and ski resorts such as Bansko, which is a prospective venue for the Winter Olympics.

Meanwhile, Bulgarian Property Developments (BDP) is planning to raise £40 million on the London Stock Exchange. BDP has already acquired six sites since January 2005. Of them, five in Sofia are to be used for developing commercial property, while the one in Bansko has been set aside for residential development.

There has been a 55.2 per cent gain in value against the total purchase price of the early property portfolio till November 25th as the valuation conducted by Colliers International shows.

However, property tax valuations will increase by 5 up to 50 per cent next year as amendments are being made to the local taxes and fees act, according to a decision made by the Bulgarian government. It has said that this decision was taken in view of the increase in market prices over the last five years.

Properties in zones, which are within ten kilometres from the sea or national resorts, will have tax valuations increased by 50 per cent, according to a local news agency, while properties in other areas will face an increase of 20 per cent.

Among other advantages that this East European Country has are its ski slopes with cheaper resorts when compared with other ski destinations like Italy and Switzerland and its full entry in 2007 into the European Union.

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