Bulgaria Acts To Clean Up Property Market

Bulgaria's real estate industry is acting to establish confidence in its practices by stamping out dodgy dealing.

The National Real Property Association, a non-governmental trade organisation for those working in Bulgaria's property sector, is to set up a special regulatory committee.

The announcement was made by NRPA head Lachezar Iskrov to Bulgarian news agency Novinite.

According to Overseas Property Professional magazine, the new body will focus on ensuring that all property transactions are properly declared, in order to squeeze property fraudsters out of the country's market.

Just last week, the Association of International Property Professionals (AIPP) declared its support for a campaign led by Quest Bulgaria magazine to clean up the Balkan country's property investment sector.

Knight Frank's latest Global Price Index found that Bulgaria had the highest rate of increase in property values worldwide in 2007, but the country's reputation has been dogged by concerns about fraud.

The Bulgarian economic police has acknowledged that a number of property fraud cases are reported to its each year. simplibulgaria.com