The Hungarian capital city Budapest has been named as number one on a ranking of the top 20 places in Europe to invest in property, with Macedonia’s capital Skopje in second place – and Bulgaria’s Sofia coming in 17th.
The chart, by the Global Property Guide, was reported by the UK’s Daily Telegraph and quoted by Bulgarian television station bTV on January 4 2012.
Almost all major cities in Central and South Eastern Europe named in the survey – among them Ljubljana (14), Bratislava (13), Bucharest (12), Warsaw (11), Chisinau (10), Riga (9), Zagreb (5) and Istanbul (4) outrank Sofia. The Bulgarian capital beats only Prague, with the Czech capital in 18th place.
Of Sofia, the ranking says that the "pro" is that the city has a pro-landlord rental market, but the bad sides are "yields not great, high transaction costs, moderate rental income tax, corruption and crime problems".
BTV said that before the financial crisis, Sofia was an attractive property market for many Europeans.
British people invested in the country, "but their hopes vanished quickly" and they decided to leave the country, the television station said.
In their place came buyers from Russia, but the Russians focussed mainly on properties on Bulgaria’s Black Sea coast, bTV said.