People 'should be buying' property in Bulgaria

Investors should be aiming to purchase property in Bulgaria while many people are selling up, an industry specialist asserts.

Adam Samuel, director at sector expert Nubricks.com, says the current global economic crisis is prompting many people to sell their homes, leaving potential opportunities for overseas buyers looking for property in Bulgaria.

"There's the old adage that when the majority of people are selling, you should be buying, and when the majority of people are buying, you should be selling," he comments.

Mr Samuel adds that interest in some markets has quietened down, which leaves the door open to professional investors with a keen eye for a bargain, who are buying huge amounts of distressed property in Bulgaria.

According to the recently released Global House Price Index by sector analyst Knight Frank, 80 per cent of locations recorded a fall in prices in the final quarter of 2008 compared with 27 per cent the year before, resulting in more property in Bulgaria being available.