Bulgarian house prices 'will continue
to grow'
House prices in Bulgaria have risen by more than quarter since last year and further increases are expected over the coming months, one expert has said.
Chris Goodall, managing director of magazine Quest Bulgaria, has said the country is an ideal spot for overseas investors and forecast that average prices are predicted to rise by 20 per cent before the end of the year.Bulgaria's National Statistics department recently said that prices grew by 15 per cent in the first half of the year, with a 27 per cent increase in the past 12 months.
However, the area around Sofia is still relatively inexpensive. Property in the capital costs an average of £152 per sq m, compared with £347 in the country as a whole.
In fact, the first phase of new-build development Mountain View Apartments in Sofia sold out within six months of coming onto the market last year.
Mr Goodall said that most buyers are foreigners, mainly retirees and families who want to take advantage of Bulgaria's cheaper living costs.
He went on to say that foreign investment in Bulgaria has forced property prices to remain high in certain areas of the country.
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