Property Worth Eight Billion Euro Sold In Bulgaria In 2005

Property to a value of eight billion euro was sold in Bulgaria in 2005, National Real Property Association chairperson Orlin Vladikov said during an international real estate forum in the country's capital, Sofia.

Construction projects in Bulgaria in 2005 were also worth eight billion euro, he said, as quoted by Darik Radio.

Trends in property prices would vary in 2007, Vladikov said.

Nearly two million sq m of property would be offered on the property market, which would become saturated.

Vladikov said that major investors would be interested in Bulgaria's hot water spa tourism in the years to come.

A third of all investments in Bulgaria in 2005 were in property, a real estate agency representative said during the forum.

Foreign property experts said that Bulgarian property prices were still quite low and investors would be interested in the coastal and the mountain regions of the country. The key problem in Bulgaria's property market was the legal process involved in acquiring property, they said.