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1/21/07

News.bg - Bulgaria and Romania make a boom on the real estate market

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Bulgaria and Romania make a boom on the real estate market

Real estate sales in parts of Bulgaria have topped the hottest properties lists in Europe for the past two years, fed by a booming tourism sector and investment-hungry British and Irish buyers. In contrast, neighboring Romania continues to see big gains, but without yet appearing on the foreign buyer's radar, comments IHT.But both countries joined the European Union on Jan. 1, and real estate analysts say the effects include an increase in confidence - and, eventually more sales - from foreigners wanting second homes or investment properties. "It's more of a psychological factor from the viewpoint of foreigners who thought Bulgaria and Romania were risky countries," said Georgi Dutchev, editor in chief of Properties Xpress, a magazine published in English and Bulgarian in Sofia, the Bulgarian capital. For them, EU membership "means transparency and certainty for investment, even though it's not that way, or at least not immediately."

The countries have the lowest property prices in the 27-member bloc, even though they have experienced years of dramatic price increases.

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