Foreigners were involved in more than 29 per cent of the real estate transactions concluded in Bulgaria in 2006, and 66.87 per cent of them were UK residents, Anton Pankev, Executive Director of Asta Bridge International Properties Ltd., told a news conference, reported BTA.

The company attributes the interest, among other things, to the readily available scheduled flights between Bulgaria and Britain.

Foreign demand for real estate purchases has heightened since Bulgaria's EU entry on January 1, 2007, Natasha Copeman, Asta Bridge Call Centre Manager, said at the news conference. The company noted that despite the negative press in some countries, British buyers are as eager as ever for Bulgarian properties.

Irish accounted for some 13 per cent of foreigners' purchases in Bulgaria in 2006, Americans for a little over 6 per cent, Germans for nerly 4 per cent, Italians for approximately 3 per cent, Dutch, Spaniards and French for over 2 per cent, and Greeks, Maltese and Danes for some 1 per cent of the transactions.

Demand was strongest for mountain resorts, 39.93 per cent, followed by coastal resorts, 31.13 per cent, and the capital Sofia, 8.11 per cent, Pankev said. Since the beginning of 2007, demand for mountain properties has risen to 42.98 per cent, standing at 24.85 per cent for coastal properties and 8.62 per cent for Sofia.

Britons buy in Bulgaria mainly for investment purposes, motivated above all by the price. The commonest purchase is a studio or a one-bedroom apartment in some of the popular resorts, at the cost of 30,000 to 80,000 euro.

The Irish prefer coastal or mountain apartments for their personal use, most often one- or two-bedroom. Irish families invest between 50,000 and 100,000 euro in such a purchase.

Residents of Britain and Ireland are intensely interested in buying a second vacation home, Copeman commented. Still, Bulgaria is little known and clients abroad are unaware of the spa opportunities and are unfamiliar with the country's mountain resorts.

Spaniards and Maltese are newcomers to the Bulgarian real estate market. They seek mainly vacant plots for building development, showing equal interest in coastal and mountain resorts. Asta Bridge describe them as speculators hunting for the best profit rather than for the best buy. The company expects a substantial rise in demand from Malta, considering that the two countries are linked by scheduled flights every fortnight.

Danish buyers are rather skeptical and usually seek more information about the investor as well. They are interested in reliable construction and de luxe execution, the company commented.

The average value of the properties purchased by foreigners in 2006 was 46,900 euro in the coastal resorts, 90,000 euro in the winter resorts and 112,000 euro in Sofia, Pankev noted. Mountain properties are more expensive because they can be used during all seasons, while seaside properties can be used for up to six months a year, he added.

Foreigners have recently been showing interest in burgeoning spa resorts like Sandanski, said Asta Bridge Projects Manager Bozhidar Zahariev. As from the start of the summer season, the company will be providing non-Bulgarian offers as well because there are expressions of interest in Romanian and Turkish
resorts.