Published on : Sat, 03 Dec 2005 08:56GMT
by : Andy Clarke

The interest shown by Bulgaria in hosting the Winter Olympics in 2014 has spurred fresh interest in the property market in that country. Bulgarian Property Developments (BDP) has also thrown its hat in the ring and has indicated that it will attempt to make £40 million on the London Stock Exchange.

BDP has been on an acquisition drive since January this year and has already claimed six sites in capital Sofia as well as some prime land in the ski resort of Bansko. Colliers International says that the UK-based company has made a shrewd move since its acquisitions have already increased by 55 percent in value in the Bansko area. This is a particularly hot investment as residential properties here are in great demand and this demand is only expected to soar if Bulgaria manages to win the right to host the Olympics. Bansko is expected to be the main venue in the Olympics and naturally, interest is heightened here.

The Amberlamb Property Investment Resources says that apartments here are staring at £30,000 in the town center area. "The increase in demand for rental accommodation during Bansko’s five month winter season and two month summer season should help to ensure investors reap the maximum rental yields possible as well as enjoying strong underlying property price growth," the firm commented in a statement. The firm adds that some properties in this area have already registered a 30 percent increase in value and this price rise will only go higher as investors seek to cement the gains.

The Bulgarian Parliament has also taken a keen interest in this matter and has asked for a revaluation of the prices for tax purposes. Bulgaria is also ion the verge of entering the European Union and that fact is also having a major impact on the property market right now.