Bulgaria quite inexpensive but numbers still up

Latest reports show that Bulgaria's property prices grow, and the industrial sector there continues to grow as one of fastest in Europe.

In a report issued this week, evidence is clear that Bulgaria offers strong growth for the final quarter of 2007. The report, Knight Frank Global House Price Index, shows that in the final quarter of 2007, the country saw a rise of 8%. In addition, the year's rate was as high as 34%.

In some areas of Bulgaria, such as Vidin, which is located in the Northwest and Ruse in the Northeast, as well as Sofia, prices on property rose as much as 50%.

While many of these areas have seen significant property value increases throughout 2007, it is also essential to point out that on the whole property in Bulgaria is still quite inexpensive, especially when compared to other countries throughout Europe.

The report also shows that several European countries dropped in values during this same time frame. Latvia and Estonia showed negative growth of 7.1% and 14.5% respectively.

A look at Bulgarian property for the industrial market shows one of the fastest growing countries in Europe. On industrial property and logistic areas of the country, a 9% growth is seen on rental prices from year to year figures. This is according to Cushman and Wakefield in a report done by them issued at the end of last week.

The key reason for growth in this market is the continuous lack of supply that is found throughout the region. Both domestic and international companies are looking for position within the growing country and therefore are driving prices up.