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Bulgaria Property City Prices Will Go Up In 2008

Shortage of land in cities in Bulgaria where developers wanted to build led to lavish compensations to land owners in the form of apartments. The shortage is strongest in Sofia, Varna, Burgas and Plovdiv. As a result the prices of residential property in Sofia has increased by 25% last year (source: National Statistical Institute). The trend is expected to continue also this year, driving strongly the prices up in the rest of the country.

In 2007 tourism and property in Bulgaria made 60 per cent of foreign direct investment. That is 20 per cent higher than 2006 but is expected to grow at a lower rate this year, about 10 per cent. For 2007 the foreign direct investment in Bulgaria amounts at about 5.3 billion euro.