Economic development could boost Bulgarian property

Investors looking to buy property in Bulgaria may be encouraged to do so after a flash estimate from the country's National Statistics Institute (NSI) revealed a growth in the economy.

Despite some European economies already having slipped into recession, the figures showed a 5.6 per cent year-on-year growth in the country in the third quarter of 2008.

Meanwhile, nine-month gross domestic product (GDP) growth was estimated at 6.5 per cent, representing an improvement on last year's development when the nine-month figure stood at 5.9 per cent.

As well as offering good news for those who already own property in Bulgaria, the economic development could encourage buyers to make a move in the country's real estate market as the country shows signs of so far resisting the major effects of the credit crunch.

Figures released last week also showed positive signs for owners of property in Bulgaria as two-thirds of the country's banks recorded considerable profits and steady growth, according to the Sofia Echo.