Sat, May 26 2012

FOREIGN MEDIA WARNINGS ON BULGARIA'S PROPERTY MARKET

Thu, Oct 12 2006 12:30 CET

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The warnings towards purchasers of property in Bulgaria become more frequent in foreign media, Dnevnik daily said.

A number of articles about investment risks and overestimating financial returns from Bulgarian property had been published in British newspapers, Dnevnik said.

The property sector was connected to organised crime, some articles said.

An article in The Independent said that in many Eastern European countries, especially in Bulgaria and the ex-Soviet countries, organised crime invested in property to launder its money. Bulgaria's problems with organised crime were so serious that they questioned the country's EU accession, The Independent said.

Deutsche Bank analysts also had warned of the risk of buying property in Bulgaria. Investments in Bulgarian and Romanian property would continue to increase, but the property market in the two countries would remain risky because the low transparency, a Deutsche Bank representative said, as quoted by Dnevnik.

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