bulgarian property market to benefit from faltering economy
News Posted On: 19 October 2009
Industrial output in Bulgaria contracted slower in August than in previous months, echoing recent business sentiment polls which had said that Bulgaria's production downturn had now reached the point necessary for it to bottom, and that production and output would now begin to see a steady climb.
GDP however is another story, according to the government, a 2% contraction in Bulgaria next year will follow this year's contraction of 6%. The International Monetary Fund says that the economy will see its worst contraction in the latter part of the year.
Bulgaria's economy entered the recession later than most. For a time it seemed like the country would avoid the recession altogether. But now, as Europe as a whole begins to nose out of recession, with industrial output 0.6% higher across the EU in August, and many of its bigger economies back into positive territory GDP growth, Bulgaria is falling into a vast pool of economic misery.
But what of the property market? Well, Bulgaria is a new member to the EU and has not yet adopted the Euro. Its abysmal economic story means that its currency, the Lev is likely to be one of the few to actually be falling against the Pound -- Britain being one of Bulgaria property's biggest markets.
This means that Bulgarian property, which is already among the lowest price in the world is currently getting cheaper to British buyers, who will currently get instant equity into the bargain. British buyers are currently returning to the overseas property market, and Bulgaria will certainly be one of the countries investigated for its long term, and rental cash-flow potential.
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