Unfortunately for many people Bulgaria has been something of a difficult property market over the last few years. While there is no doubt there has been a general property boom in the country it would appear that a number of people have fallen foul of development issues, fraud and deception. There is a post on the property community forum entitled "Difficulties off plan Bansko" which highlights a number of issues one particular forum member has had with regards to a number of properties in the region.
Despite concerns that Bulgaria is suffering from the economic fallout affecting the whole world there are signs that the property market in the country has seen domestic demand take up some of the slack from the general worldwide property market fallout. Recent figures from the rental market indicate growth of 12% in the first three quarters of 2008 which is certainly at odds with other markets in the region and the worldwide property market in general. This has prompted suggestions that the country will bounce back quicker than many had expected although Bulgaria is by no means out of the woods yet.
While for a couple of years the Bulgarian property market could do no wrong, it was attracting investors from all areas of the world, investment was up and they literally could not build enough properties to fulfil demand. But now.....it looks as though the market is set for a new low with news that foreign and local investors are selling their properties at literally any price but buyers are staying put and showing little or no interest. So what has gone wrong? Is there a sinister move behind the fall?
