Eastern promise fades in Bulgaria Black Sea Property
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Eastern promise fades in Bulgaria Black Sea Property
Black Sea Property, Bulgarian Property Development and Orchid Developments have all come to AIM since the start of the year promising to cash in on Bulgaria’s remarkably low property prices. The three have raised over £70m to invest in the Balkan country’s real estate market, pointing out that even in the capital, Sofia, residential property sells at roughly £67 to £82 per square foot compared with £1,000 per sq ft in some parts of London.
All three highlighted Bulgaria’s expected membership of the European Union in 2007 as key to the continued rise in property prices, but although this event seemed almost a certainty when the trio launched it now looks very doubtful. May saw the rejection of the EU constitution by French and Dutch voters, which signalled that many Europeans are wary of further enlargement after taking in 10, on the whole poorer, east European nations last year. This means accession rules will be tougher for Bulgaria and makes radical judicial reforms vital for the country’s entry to the club.
Sadly, political deadlock has caused the reform process to grind to a halt. General elections held on 25 June produced a hung parliament and Bulgaria’s immature political leaders have still not been able to form a government.
Although all agree that EU membership is a priority for the country, they are at present engaged in petty squabbles, and as they waste time arguing over who gets which cabinet post Bulgaria’s hopes of joining the European club in 2007 fade.
Those investors hoping to make a quick buck from the likes of Orchid, Black Sea Property and Bulgarian Property Developments will be disappointed and will have to hold on for the long term.
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