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1/3 of Bulgarian property market driven by non-residents in '06
Updated: 2007-03-20

1/3 of Bulgarian property market driven by non-residents in '06
Over 29% of properties transacted in Bulgaria in 2006 involved a non-resident buyer, shows data of Asta Bridge, a division of local real estate agency Address which caters exclusively to foreign nationals.

The government's Registry Agency recorded 311,000 property transaction in 2006.

Data of the central bank shows that non-residents generated for the Bulgarian economy 2.2 bln levs in revenues from property deals.

Brits account for over 2/3 of the foreign property buyers, said Asta Bridge manager Anton Pankev. The company data excludes the business generated by Russian nationals.

Address has registered a pick-up in business from Spanish and Maltese speculative buyers interested in a quick profit from land transactions.

Buyer interest is shifting form ski resort Bansko and sea resort Sunny Beach to spa resorts where the year-round vacation properties offer better yields, said Bozhidar Zahariev from Asta Bridge. Sandanski is currently the most popular spa destination.

The luxury homes in Sofia currently lead the market in terms of yield levels which should reach 10% over the next couple of years, said Pankev.(Dnevnik)

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