04.5.2007

Bulgaria, US Neck-to-Neck in Race for UK Property Buyers

Bulgaria is the third most popular country for UK property buyers, with 7.7% of the market, just edging the US into 4th place on 7.5%, the Association of International Property Professionals (AIPP) has revealed.

AIPP described the position of the Eastern European country as "phenomenal", the only market that has grown to such prominence so quickly.

"Seeing it sandwiched with Spain and France above and the US below highlights the level the Bulgarian market has reached," AIPP explained.

Paul Owen, AIPP's chief executive said: "It's gone from emerging to almost-established in three years, which is just unbelievable.

"It had a free run of being 'the' emerging market for three years, but it's now got competition from many others coming in Poland, Latvia, and Montenegro and there are a lot of emerging nations with comparable property prices which are relatively unheard of."

He also added that the extent of Bulgaria's success would be revealed in the resale of homes in a few years' time.

"There's a lot of properties being built, there's no doubt that prices have gone up in the last few years properties will be sold a second time around, the second wave of buyers will come in," he added.

AIPP's 2006 Report shows that Spain and France are still the top two markets for Britons buying abroad.

Nearly 1/3rd (31.6%) of overseas properties bought by British buyers in 2006 are in Spain. In second place was the other perennial favourite France with a little under 1/5th (18.9%) buying just across the Channel.

Italy ranked fifth with 2.8% of the market.

4 May 2007, Friday
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