Hartlepool, United Kingdom (PressExposure) June 26, 2009 -- The credit crunch and resounding international downturn could prove to have been good news for the Bulgaria property market, by giving it the opportunity to reinvent itself, according to experts.
Bulgaria was hot news in the run-up to its admission into the EU between 2004 and 2006. During this time it was the foray of the new wave of overseas investor, buying Bulgaria property by the truckload on the promise of short-term gains. This led to problems however, according to Les Calvert director of overseas property portal Property Abroad.com.
"The trouble with all these investors buying in at the same time and for the same reason, short-term gains was that they all wanted to get out, to sell their Bulgaria property at the same time, which led to oversupply and downward pressure on prices," he said.
"At the time," he continued.
"New markets were coming up for EU entry, like Montenegro and Albania, these exacerbated Bulgaria's price drops. Now most property markets around the world or certainly around Bulgaria have seen prices fall, the playing field has been levelled. Bulgaria property sellers should take this as an opportunity to reinvent the country's appeal, based on its other strengths and not just short-term gains," he explained.
Property Abroad is currently marketing Bulgaria property for sale with prices starting from under Â£10,000.