Bulgaria is the leader in the property investment world and is likely to continue to see good growth going forward. Many factors have contributed to this, but at the same time things may change in the future.
Analysts say that the economy here has been dependent on the mortgage industry. As reported in the Sofia Echo, Obelisk market analyst James Gonzales says, "The huge property price rise was largely attributed to a good mortgage market, high annual property revenues and Bulgaria's independence from the world financial crisis. The US subprime crisis hasn't hurt the Bulgarian financial market as there was no cross border banking and consumer borrowing was continuing to grow at a steady rate."
It has been evident that Bulgaria's property market will continue to grow. But that growth is not the same as it has been. Just a few months ago, 90 per cent of investors here were from the UK. This is particularly evident in the ski areas of the country. Properties in these winter resorts are now being purchased by foreign nationals from countries such as Russia.
Some of the most notable property owners here are those coming from the US. Hollywood celebrities have taken to these ski resorts even as UK investors turn away. These investments are interesting to note as they are having a significant effect on the property market.
