Holiday Lettings news - Sofia to be Bulgarian property hotspot

Sofia to be Bulgarian property hotspot

Cities in Bulgaria, especially Sofia, are set to rise in property values, according to a leading real estate company.

Property Secrets believe that the next growth area for the new European Union member will be in inner city areas rather than at the traditional coastal resorts as more people look for rental and holiday accommodation.

Sofia has a population of just over one million people but recent investment from overseas as a result of Bulgaria's entry into the EU has helped to ensure significant infrastructure developments, while the expansion of low-cost flights to the region have encouraged a strong growth in tourists and the holiday sector.

Bulgaria is just three hours’ flying time from many UK airports and this has helped to ensure substantial investment in the local real estate market in recent years, with prices rising dramatically since 2000, with the national annual average reaching 35 per cent in 2004 – making it the ideal destination for holidaymakers and property investors.
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