Bulgarian Investors Eye Properties In The Us
The financial crunch and a feeble dollar are not such bad news for the United States property market, Pari daily reported.
The classic business maxim that one should buy at times of falling prices is about to attract large-scale real estate investment from all over Europe and a number of Arab countries. Bulgarian property companies, working with American partners, have already observed increased demand from Bulgarians for houses and holiday properties in the US, Pari said.
“We can't talk of a massive interest in the US property market, but we've been receiving enquiries for several months now,” RE/MAX Chance group manager Simeon Mitev told Pari daily. Several locations have been turned into lucrative property investments following price slumps. Enquiries from Bulgarian investors are directed primarily to Florida and big cities such as Las Vegas, Los Angeles and San Francisco.
Lux Imoti real estate agency’s manager Nikola Stoyanov thinks that the US market is targeted mainly by Bulgarians who have business there and travel frequently to the country. They want to acquire properties for personal use rather than for speculative purposes, Stoyanov explained. Bulgarian interest in US property dates back several years, aided and abetted by falling prices, he added.