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Bulgarian Property Prices Triple Between 2000-2005
By Tim Wright, Fri Dec 9th
The Sofia News Agency (26 Oct 2005) writes that home prices inBulgaria's regional centres have increased 1.5 to 3 times overthe last five years. This is obviously welcome news for allinvestors who have bought property in the Bulgarian market. Itwill also be reassuring for those considering a future realestate investment in the country.
Such high levels of growth are unprecedented in normal marketsituations and it is clear to see that the Bulgarian propertymarket can in no way be described as "normal" at the moment.Typically, a property will double in value within the timeframeof between 8 to 10 years. This takes into account both cycles ofgrowth and decline in which time the overall movement is adoubling of the property's' value.
For the Bulgarian property market to show signs of up to 200%growth in only a 5 year period signals the increasing confidencein the country's prospects. The Bulgarian stock market has alsotripled over the past two years in anticipation of imminent EUmembership in 2007.
Bulgaria's government has recently approved amendments to theExcise Duties Act to increase the excises on alcohol andcigarettes. The amendments are in line with the EU taxation lawand Bulgaria has committed to reaching the minimal EU excises ona step-by-step basis. In accordance with the entry to theEurozone (€) planned in 2009, Bulgaria has speeded up the paceof excise revision. In a promising gesture, EU finance ministershave signalled the euro coins will feature the state emblems ofBulgaria as of 2007.
In summary, a booming property market with strong internationalinvestment, a doubling in value of the local stock market andthe determination of both the government and EU ministers forthe country to meet the EU membership criteria by the agreeddate of 2007 all indicate a strong economic future for Bulgaria.
About the author:Tim Wright is an international property investor and regulararticle contributor. He is the author of "Bulgarian Property -The Overseas Buyers' Kit" available athttp://www.bulgarianpropertybuyer.co.uk
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