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Black Sea | Investment Potential 2008
Black Sea: Investment Potential 2008
The Black Sea Economic Cooperation (BSEC) Business Council is an international, nongovernmental, non-profit organisation established to aid greater integration of the member states of the Black Sea region. Established in 1992, the organisation is comprised of business representatives from 12 members; Albania , Armenia , Azerbaijan , Bulgaria , Georgia , Greece , Moldova , Romania , Russia , Serbia & Montenegro , Turkey , Ukraine.
The Central and Eastern European countries (CEEC) have seen travel and tourism activity steadily rise over recent years, with expectations of 5.3% growth per annum for the region between 2008 and 2017. Visitor arrivals have
"Eastern Europe as a whole is becoming an increasingly exciting market for property investment."
increased sharply since 2004 with numbers predicted to rise to an impressive 600,000 in 2016, representing over US$500 billion of GDP for the travel and tourism economy.
According to the Organisation for Economic Development and Cooperation (OECD), all countries in Europe’s Southeast have shown a steady rise in GDP growth, with initial estimate figures for 2007 highlighting Georgia with the highest GDP growth rate of 10%, and Estonia following close behind with an expected GDP growth of 8.5%.
Eastern Europe as a whole is becoming an increasingly exciting market for property investment. According to Knight Frank, the Eastern bloc countries are only at the beginning of rapid price rises, as they strive to move closer to the price levels and qualities seen in more mature Western European locations. The modernisation of these economies, becoming increasingly richer, with more extensive facilities available to the property investor such as maturing mortgage infrastructure's, only go to aid the future growth of the property markets within these countries.