Foreign property investors are turning their backs on some of the major property markets in Europe and head east to countries like Bulgaria and Romania and to some destinations in the Far East. This shows information from several sources, according to which a particular movement in our market can be expected after one year.
Many Boston Translators as well as many Law firms say, that Bulgaria and especially Romania will be among the preferred destinations for property purchase in the future. In the Romanian market, for example, banks are expected to bring to market a huge inventory, which will lead to even lower property prices. This in turn will increase the interest of buyers.
In the Bulgarian market we can also spot an increased interest and growth in activity. A positive sign is that prices have slowed the pace of decline, and last year investment in commercial property returned to relatively high levels after zero activity in 2010. This gave rise to some members of the market to predict that the downturn has reached or is close to its lowest point.
Although the Bulgarian real estate market still remains stagnant and it is expected 2012 to be weak, in the longer term picture is not so pessimistic. Next year, investors and individual buyers can begin to return to the market, which will also set out more clearly the bottom.
Furthermore, according to consultants at various Translation Services in Chicago (Chicago is one of the cities with the highest number of Bulgarian and Romanian immigrants), investors are still interested in specific segments of the Bulgarian and the Romanian market, as the logistics and commercial properties, says World Property Channel.
Last year, Bulgaria has surprised experts being back in the top 10 destinations for the purchase of property for British buyers. Until February 2012 the country was in the top ten of TheMoveChannel, but in March it fell five places to 15th place, pushed by a number of markets further east. However, in April the Bulgarian market recovered part of its position and climbed to 12th place.