Property in Bulgaria 'at 2007 prices'

The price of property in Bulgaria has dropped to 2007 levels, potentially offering investors bargain homes.

Research conducted by Raiffeisen Real Estate reveals property in Bulgaria has seen the greatest reduction in the most popular 50,000 euro (£46,000) to 70,000 euros price range, PropertyWiseBulgaria.com reports.

The trend in larger cities such as Varna and Sofia has seen many homes being reduced by up to 20,000 euros, offering a significant window of opportunity for those looking for cheap property in Bulgaria.

Summer resorts such as Sveti Vlas and Sunny Beach have experienced the greatest reduction in prices, with a luxury three-bedroom apartment available for 70,000 euros in some areas, the website reports.

The alpine ski resort of Bansko has seen similar reduction affect its properties, with many modern apartments available for the same price.

A new Bulgarian property developer comprising of former Royal Air Force officers recently outlined plans to create a 36-apartment complex in the ski resort of Chalet Rila, at the foot of the Rila Mountains.