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Bulgaria property market still strong

Bulgaria is still doing what everyone else was the last few years: seeing an increase in the value of property. While most other nations are seeing a significant decline real estate agents say Bulgaria is the world strongest price increaser for 2008.

Bulgaria has potential on several fronts. Due to its proximity to the UK, many UK nationals have made Bulgaria a tourist destination. It is also a strong property market for second home buyers, who are regularly renting out unused property to the tourism market.

The best property locations, according to Imot.bg, a real estate agent out of Bulgaria, include the capital city of Sofia. Additionally Varna is also a very hot tourist spot on the Black Sea. These locations have seen the largest growth and have no signs of turning back. House asking prices here are the most expensive.

Within Sofia, districts such as downtown, Ivan Vazov and Yavorov continue to be the most costly locations for residential property. More affordable housing is available in many of the rural areas of the country. In Varna, property prices here, in residential neighbourhoods actually out price that of Sophia, mainly due to the increased tourism with its location.

Take note, asking prices are higher than actual selling prices, often by as much as 10 per cent.

While Bulgaria's property marketing is doing well, so are other areas which show overall growth within the country. Bulgaria continues to be one of the best locations for foreign trade chains to open shop; tourism is up as is construction.

Most economists believe that Bulgaria's property market will remain unchanged in growth through 2008. Even in the cooling global housing market, Bulgaria saw an increase in growth by more than 30 per cent in 2007 over 2006. This trend is still holding strong the first month of the New Year.

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