Bulgaria's EU accession failed to cause significant change in the local property market, Forton International Property  Adviser representative Valeri Vulchev said.

An increasing number of conservative investors was interested in the Bulgarian property market, Vulchev said as quoted by Focus news agency.

An investor carrying out a project costing at least 30 million euro in less then five years is considered conservative, Vulchev said.

Such investors were interested in Bulgarian real estate because the market was undeveloped and limited as compared to the European property market, he said.

Mostly German investors are interested in Bulgaria, but the number of foreign investors will increase.

Vulchev said that the Serbian property market was less developed than Bulgarian one. Still, prices were higher because a number of Serbians worked abroad but invested their money in Serbia.