Bulgaria peaking as development hotspot

Thursday, 09, Aug 2007 11:01

After years of growth some areas of the European property hotspot Bulgaria are close to over-development, an international property portal has said.

Whereas Spain and France were the first European nations to witness sustained property development from the UK, this was principally for personal holiday accommodation.

Bulgaria was the first European destination to find popularity as an investment market, with a combination of low living costs and cheap land proving attractive to those looking to invest. And according to Off Plan International the country has proved a lucrative venture for many.

"People that got in on Bulgaria in the very, very beginning have made a hell of a lot of money, predominantly in buying land to make more money," said Simon Walker, sales director for Off Plan International.

However, research for the organisation suggests the boom may be coming to an end.

The Bulgarian market has come through its development stage and is now an established destination. There are too many investors in some areas, a trend at least partially prompted by a host of television programs about the country, according to Off Plan International.

"There are lots of people developing there and this is why there are some areas in Bulgaria that are getting potentially close to over-development . . . like some of the ski resorts and, with the sunny beaches, one of the coastal resorts," concluded Mr Walker.