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MIGRATION AND HIGH DEMAND CAUSE PROPERTY PRICE INCREASE IN BULGARIA |
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| post date: Monday 22nd of January 2007 |
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High demand and migration processes resulted in a 12.5 per cent increase in the price of real estate in Sofia in 2006 Katya Tsenova, executive director of Address real estate agency said.
Prices increased the most in the residential districts of Mladost, Lyulin, Geo Milev, Redouta, Druzhba and the city centre, Focus news agency said.
Property in the coastal city of Bourgas registered the lowest increase in 2006 prices, 7.42 per cent, while the increase in Varna was 10.33 per cent.
Focus reported that nearly one billion sq m of agricultural land were sold in 2006. Only 600 million sq m of such land were sold in 2005.
Property deals involving Russian citizens doubled in 2006. Russians preferred mainly closed-type property complexes with luxurious lodgings on the Black Sea coast or in city centres.
Britons, on the contrary preferred, older property where they could live after retiring, Focus said.
According to Address real estate agency supply would exceed demand in 2007. Middle-sized lodgings, business property and industrial lots would be most wanted.
Settlements offering spa tourism opportunities would also be 'in the focus of foreign investors.' |
| source: www.sofiaecho.com |
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