Bulgaria is the third-biggest overseas property market for UK buyers, despite continuing competition from old favourites such as France and Spain, the Association of International Property Professionals (AIPP) has revealed.
The first annual report on British overseas property investment from the AIPP has placed Spain and France in the top two spots, taking 50.5 per cent of the market share in 2006 (31.6 per cent and 18.9 per cent respectively). However, the figures show that Bulgaria has slipped into third place, attracting 7.7 per cent of British overseas property purchases.
Chris Howard, managing director of overseas property specialist, 4:Property, commented, ‘It is very credible that the Bulgarian market is growing rapidly because it has had a lot of UK media exposure and has branded itself in a way that Romania and other such countries either haven’t tried to or haven’t managed. It will continue to have an active property market going forward.
‘The more traditional markets, such as France and Spain, are radically different. France tends to attract more well heeled investors looking for rural locations, while Spain usually appeals to baby-boomers looking for an apartment on the coast. However, demand will continue in these areas because they are close to the UK and are well-known to buyers.