UK Investors Turn Backs on Bulgaria Property Market

Conti is currently unable to arrange mortgages in Bulgaria, and demand has inevitably decreased. Photo by BGNES

UK investors are turning their backs on the Bulgarian property market with a 3% fall in interest since 2008 according to mortgage specialists Conti.

Bulgaria has slipped to 6th place in list of countries that most attract UK property investors.

British investors are allegedly choosing more traditional countries to purchase property, according to the latest figures including France and Spain.

Conti reported that demand for properties in France and Spain surged last year as investors started to shun the so-called emerging markets in favour of more familiar destinations in the Mediterranean and elsewhere.

The report continued that in Bulgaria, interest has dropped off significantly over the last three months as many lenders have been involved with problematic developments there, and this, combined with an over-supply of building, has led to a big fall in valuations and banks have been questioning the asset security.

Conti is currently unable to arrange mortgages in Bulgaria, and demand has inevitably decreased.

Turkey however has seen an increase in interest due to low prices and a decent climate according to the report.

 

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