23.04.2007

The real estate market in Bulgaria

More than three months after Bulgaria joined the European Union /EU/, the topic of Europe plays a secondary role in the country’s political debate.

Bulgaria marked a great progress indeed, which however was more substantial before the accession than in the short period after joining the EU. And now as the country is a full member of the Union, the first symptoms of sobering up are looming, and namely – the presence of apathy. Most Bulgarians backed the EU membership although they supported the wrong attitude that European standards will automatically transfer on them – without even experiencing a tinge of tension, need for change of thought or painful losses. As it turned out, this is not true at all.

Economy develops well

The economic environment in Bulgaria is in any case better that the public thinks. With a permanent economic growth of 5.5-6 %, Bulgaria is one of the most attractive countries for western investors, who gradually redirect from Poland, the Czech Republic, Hungary and Slovakia to Bulgaria and Romania. The real estate market is developing quickly and partially thanks to thousands of Britons, Germans, and Scandinavians, who acquire property in the country, while some of them move in for good. In a similar way positive tendencies can be noticed in the area of tourism as well. About 700,000 Germans visit the Black Sea coast in the summer. Some 3 m annually visit the Balkan state.
According to the statistics, 30 % of the young people in Bulgaria have a home, car and can afford to go on a holiday once in a year. And this is a great progress after all.