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BULGARIAN PROPERTY LURES MORE WELSH

Mon, May 22 2006 13:00 CET 474 Views

Increasing number of Welsh, buying property abroad, have showed interest in the Bulgarian real estate sector, icwales.co.uk reported.

This high interest in the past seven years has turned Bulgaria into a property hotspot, the website reported.

Low property prices, compared to the ones in other countries, as well as the country's expected EU membership, raise the appeal of local property, real estate agents said.

At the same time prices are on the rise, because of the steady demand. Only during the past year property became 47.5 per cent more expensive on the average. Values would increase more than twice this year, property agents said.

The country's resorts have attracted increasing numbers of foreign tourists, as well, icwales.co.uk said. Over the past two years, the number of tourists from EU member states has increased by nearly 90 per cent.

Foreigners, who previously purchased property in Spain and the UK are now turning to Bulgarian resorts, agents said.

According to World Trade Organisation prognoses by 2010 Bulgaria would be visited by at least 20 million tourists annually. The results of the research present the country as one of the most promising international tourism destinations, the website reported.

Only in the next months, 80 000 British citizens are expected to look for a second home in the country. Most would use the property for short breaks and vacations, icwales.co.uk said.

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