The credit crunch could prove be the best thing that ever happened to the Bulgaria property market, experts have stated.
The international economic downturn has given the Bulgaria property market the chance to reinvent itself and attract a new wave of overseas investor, according to overseas property specialists Azure Overseas, director Frank Crowley said:
"Bulgaria property became hot news with overseas investors between its transition and entry into the EU in 2002/04 and 2006/07, who bought property there on the strength of its potential for short-term gains. The trouble with this was that everyone started selling at the same time, and the market became saturated with similar properties in pockets around the popular areas.
"Now, during the global recession, practically every market that was popular with overseas investors has faced a similar fate as foreigners try to liquidate their assets as quickly as possible. The playing field has been levelled if you like, and Bulgaria has a chance to put forward its strengths of low cost property, great beaches, great ski-slopes and fantastic potential for capital growth over the mid-long term."
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