Tuesday, November 14, 2006

Fancy a property on Black Sea coast!

"Located in South Eastern Europe, Bulgaria is bordered by Greece and Turkey to the South, Romania to the North and Macedonia and Serbia to the West. Its Eastern Border is formed by the Black Sea Coast. The Black Sea Coast is a major tourist destination and property prices are increasing rapidly with many overseas investors entering the market because of its high growth potential. Since the country is not yet an EU member, it doesn't have the steep tax structure and production costs that make second homes cost prohibitive in EU countries.

According to an international real estate company, majority of demand for Bulgarian property currently originates from investors in overseas property from the UK and Ireland. When multinational companies look for cost-effective locations for headquarters or major distribution outlets, central and eastern European cities often catch their attention. For example, the Bulgarian capital city, Sofia, is the most popular among international companies, thus directly impacting the property market. Recent entrants include Microsoft, Deutsche Bank, and Google. Hewlett Packard too has recently outsourced its IT operations to Bulgaria. Other multinational companies investing include General Motors, Capital One and Ford, plus retail giants Marks and Spencer and Intersport." read more

By Jhini Sinha Phira, www.moneycontrol.com