Bulgaria is now attracting a considerable amount of investment from retirees and property tycoons, according to new research.

Figures from the Bulgarian National Bank reveal that foreign individuals and companies spent €310 million on real estate in Bulgaria during the first three months of the year. This represents an increase of 63 per cent on the same period last year.

According to the Sofia Echo, foreigners bought Bulgarian properties worth €1.1 billion in 2006, but the new figures from the Bulgarian National Bank indicate that 2007 will surpass this figure comfortably.

Bulgaria's Black Sea coast is often compared to the Costa del Sol but properties in the region can typically be acquired for much less money then in Spain. It is partly for this reason that many of Bulgaria's more developed towns and villages are appealing to retirees seeking a bargain.

Sofia has proved similarly popular, aided by accession to the EU, and many analysts have speculated that prices in Bulgaria will continue to rise in the years ahead.

Retirees from around the world have also poured money into Bulgaria's ski resorts, which are becoming increasingly popular each year. Bansko, Borovets and Pamporovo are all well-established ski resorts and the properties built around these areas have been exceptionally popular with investors and those hoping to retire abroad.

4th June, 2007
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