Bulgaria named the strongest real estate market

A British real estate consultant firm names Bulgaria as the world's strongest property market for 2007.

While current talk about Bulgaria has it cooling off in the coming year, Bulgaria is still a powerhouse in terms of real estate movement from 2007. There, an estimated turnover of Euro 11.36 billion was established, which is a large increase of Euro 2.36 billion over 2006. This is information released by the British investment company Obelisk.

Bulgaria has moved up in the charts, namely because of its new ability to meet the need for modern apartments that investors are looking for. Additionally, administrative buildings, infrastructure and retail outlets are more modernized, giving more foreign investors more interest in the country.

A variety of markets has seen substantial growth, which also spurs investors to pay attention. Namely, the tourism industry here has grown considerably, as has the production sector. Still, construction growth has been high and investors believe will continue to remain high until 2010 with 12 per cent or more growth expected.

Many economists do believe that the real estate market in Bulgaria will soften here in 2008, this is mainly due, they believe, to the global slowdown expected. In economies, a drop between 5 per cent and 8 per cent is expected this year for Bulgaria.

In comparison to other European real estate markets, Bulgaria remains an effective and affordable location to invest in.