Investing
In Bulgaria
An Introduction
~ by Andrea Marie Portugal
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| Located
in the Balkan Mountains in South Eastern Europe, one of Europe’s poorest
countries is now in a period of transition with major investment helping
its economic growth with predicted membership to the EU on course for 2007.
The Republic
of Bulgaria covers an area of 110,910 square miles with a population of
over 7 million. It boasts 354km of dramatic coastline along the non-tidal
Black Sea. Its tourist industry is flourishing as people flock to the clear
waters of the Black Sea and temperatures that beat the Mediterranean in
the summer months.
Interest in
Bulgaria has been growing rapidly as investors look for the next ‘big thing’.
The country is on course to enter the EU in 2007 and as a result money
to develop its banks, telecommunications and transport is being splashed
around. New Embassies, offices, conference centres, hotels and motorways
are being built and international firms are moving to the capital Sofia.
In short Bulgaria offers an almost unrivalled quality of life and investment
opportunity. |
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Andrea Marie
Portugal, Marketing Director of IMOINVEST says, “Bulgaria has four international
airports Sofia, Plovdiv, Varna and Bourgas and as such is ready for the
tourism explosion which is expected here. The general cost of living is
one of the cheapest in Europe and its rapidly expanding economy boasts
of an economic growth of 4.8% per annum with inflation running at 5.9%.
This has led to house prices rising on average at 20% per annum.”
The government’s
main objectives are the completion of land reform, the privatisation and
strengthening of the banking system and the modernisation of the legal
environment. With this in mind there has been a steady growth of private
enterprise and this new business culture is adapting to the ways of the
European community. These and the aforementioned government objectives
make for optimal investment conditions.
Andrea ads,
“One recent survey carried out in the premier resort of Sunny Beach on
the Black Coast showed that demand far exceeded supply. It is expected
that approximately 70% of all units which are currently being built are
sold off plan. With figures like this and current low taxes it seems Bulgaria
is the next place to be.”
www.imoinvest.com
IMOINVEST
International Real Estate
0208 960 5888
pr@imoinvest.com
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