World of Property: Boom times back for Bulgarian property?

"Boom times back for Bulgarian property?" - by Paul Beasley, World of Property

Yesterday's announcement by European Commission president Jose Manuel Barroso that Bulgaria and Romania will be admitted to the European Union in January next year is the news that many property developers, agents and potential buyers have been waiting for, writes Paul Beasley.

Yet, whilst a more mature property market may mean investors feel safer putting their money into Bulgaria, it does mean that those investing now cannot expect to see such big gains, as Christophe Gater from Bulgarian property consultancy New Estate explains: "The biggest gains were made by the first movers, the pioneers and big risk takers. The days of phenomenally easy profits have gone, but then again so has the risk that came hand in hand", he says.

Nonetheless, Gater expects those who already own property to profit from the news of Bulgaria's impending EU membership: "Those who already own properties can only expect even higher levels of capital gains over the forthcoming accession period, which I suspect will be catalysed by a small boom in the number of buyers eager to conclude before 'its in'".

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