Property investors observe Bulgaria's progress
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Property investors observe Bulgaria's progress
The European focus is very much on Bulgaria at the moment and few will be watching more intently than those in the property investment business.
In the last few years, Bulgaria has developed at an impressive rate and the fact that the country is currently being considered for EU membership is testament to this.
At the same time, Bulgaria’s problems with law and order have been well documented and it is an area that threatens to delay both EU accession and the growth of the property market.
Nonetheless, Franco Frattini, vice president of the EC responsible for justice, freedom and security, says that he is impressed with the "enormous progress" that has already been made, reports the Sofia News Agency.
Mr Frattini is reportedly positive about the judiciary agenda that has been proposed by Bulgarian chief prosecutor Boris Velchev and he has stressed that Brussels has a duty to support in the consolidation of institutional reforms.
Growth in the Bulgarian property market has been impressive even without EU accession and the country is already making strides in terms of its attractiveness to tourists and investors.
To its advantage, Bulgaria is able to appeal on a number of fronts, thanks to its rapidly improving ski resorts, the popular Black sea regions and a burgeoning business capital in the form of Sofia.
The ski resorts have enjoyed a particularly strong period, with Bansko drawing in high levels of investment to cater for the rising number of visitors last year. Bidding for the 2014 Winter Olympics, Bulgaria is also managing to successfully market itself as an alternative to the likes of France. The next ski season is likely to see further improvements, with property developments ongoing in and around the most popular tourist areas.
It is an area that is likely to appeal to buy-to-let investors as Bansko’s soaring popularity will inevitably lead to a rise in the demand for good rented accommodation.
Yet again, tackling corruption could prove critical to the success of Bulgaria as a premier holiday destination as lingering doubts over law and order do not inspire confidence in those planning to travel from abroad.
Bulgaria is clearly making progress, as typified by the fact that a senior official has been arrested on bribery charges. Krassimir Nedelchev was deputy head of the State Agriculture Fund and his arrest has been seen as evidence that the government will not tolerate financial mismanagement.
There is a real sense of momentum in Bulgaria and a collective resolution to prepare correctly for EU membership. Once the basic problems within the country are addressed, the country truly is in an exceptional position in terms of its attractiveness to investors and excitement in the property industry is continuing to build.
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