Bulgaria battles building blitz

Bulgaria battles building blitz

Tuesday, May 20, 2008

The Bulgarian Government is taking steps to tackle the risk of over-development…

Deborah Fox, director of Emerging Real Estate, explained: “Concerns about the risk of oversupply in the Bulgarian property market has led to more attention being paid to infrastructure.

“Local authorities and the government in the country are becoming much more careful as they realise that too much building could be taking place. For example, a new skiing area in Borovetz is under construction, but the attitudes about oversupply have resulted in a more cautious approach.

“They're being very careful in the way that they set up the infrastructure, and authorities are making sure that it's done more slowly than [in] some of the other areas".

The popularity of Bulgaria as a property investment destination remains high among Britons, with the country ranking fourth on the Association of International Property Professionals' 2007 market report.

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