Bulgaria sixth most attractive property investment destination

The amount of foreign investment in Bulgaria's property sector made the country the sixth most preferred real estate purchase destination in the world.

Property market in 2006 was dynamic and prices were growing gradually, Focus news agency said.

Address real estate agency executive director Katya Tsenova said that the property prices raised by 15 per cent in 2006, reaching 280 000.

A number of property owners withdrew their offers just before Bulgaria's EU accession on January 1 2007, Tsenova said. Prices were expected to increase after Bulgaria became union member, Focus said.

The offer withdrawal resulted in increase of the prices of old properties by more than 40 per cent in some residential districts in Sofia.

Criteria for luxurious lodging also changed. Until recently lodging costing 150 000 euro was considered luxurious, while currently the price of such lodging had reached 300 000 euro.