Property prices in Bulgaria continue to expand in some areas. While many of the popular areas near the coast line have been developed – and some say overdeveloped – expansion into the country has continued to intrigue investors, especially UK residents.
One area to see such a rise is that of the southern town of Melnik. The cities surrounding it are rather rural in terms of property development, which has attracted many investors. The area has seen prices here soar due to the increased interest in the wine growing area.
Both Bulgarian and foreign investors are purchasing in this area, and as demand increases property prices continue to rise.
According to the Sofia Echo, who is quoting local residents, rural properties here will cost about 20,000 leva (about €10,225) and newer properties in the region will cost between 40,000 (€20,452 ) to 50,000 leva (€25,564).
Yet there is some concern over the way that some residents have inflated prices here. As reported by the Sofia Echo, one resident said, "There are houses that are practically unsellable due to the exorbitant prices that the owners are asking. You cannot sell a ramshackle building for 30,000 leva. Some of the local residents have inflated prices to incredible levels." Still, interest here continues to grow.
Additionally, a new report shows that the UK is the largest investor in Bulgaria. Foreign direct investment increased 23% over the prior year to date which takes the figure to some €901.5 million invested. Some waning of the interest in resorts has caused this number to be less than what was expected by some property investors.
