So Bulgaria has joined the EU, and two factors are now almost guaranteed: increased tourism, and rising property values. And due to its size, political importance and multiculturalism, the city most effected by both is our very own Sofia. Technically, those who stand to profit the most are those who bought property before the January 1st changeover; however, 2007 is still a good year to buy that second home in Sofia's centre, as all throughout the year European economists are predicting a strong housing market in Bulgaria and Romania, exceeding expectations for housing markets in Western Europe.
The economists' predictions are in, and while most established housing markets in Europe can expect a slowdown over the coming year, particularly England, France and Italy, emerging markets in Eastern Europe should see continued expansion, particularly in the larger and capital cities. The most potential for large increases lies in Romania, Bulgaria, and Russia. So what are you waiting for? Find a hotel in Sofia (for now) and go hunt for you dream second house while the market is hot! |