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Greeks in hot race for Bulgarian, Romanian property

Date: 18.12.2005

Northern Greek investors' appetite for property has led them to hunt for bargains in Bulgaria, Romania and Macedonia, according to the Greek weekly Pontiki.

In an article, entitled "Balkan property rush in Northern Greece", the weekly points out that Greeks show the most insatiable appetite for real estate properties in the three countries and even hold the largest share of the market in Bulgaria.

Greek companies are constructing buildings "like mad" in Bulgaria, taking advantage of EU funds in hot race with Greek banks, which control 20% of the market in the country, Pontiki wrote.

The article underlines that prices in the picturesques towns of Sandanski, Petrich and Melnik equal one tenth of that in Greece.

The most expensive accommodations are to be found in the best areas of Sofia, while the most overconstructed is the Black Sea coast, where prices vary between 450-600 euros per square metre.

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