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Competition Affecting Growth In Bulgaria

Bulgaria's share of the foreign property market is falling as a result of growing competition, industry experts have stated.

According to the Association of International Property Professionals (AIPP), the proportion of investors choosing the Bulgarian market went down last year.

However, the organisation said this does not mean that the country is becoming less popular with overseas property buyers.

Paul Owen, chief executive of the AIPP, stated that this is an indicator of the growing level of competition which Bulgaria now faces.

He commented: "It has had a free reign as the emerging market for a couple of years and nowhere now is the emerging market."

Mr Owen added that countries in places such as Asia and South America are now competing to gain a larger share of the overseas property sector.

This comes after the Association of International Property Professionals revealed that the number of overseas transactions went up by 21 per cent to 240,000 last year.