Investment experts had lashed out at the myth of the huge returns made on Bulgaria’s property market, Azzets reported.

Azzets quoted the sales director of Bulgarian Dreams, David Smith, as saying that a lot of “exaggerated comments” had been made but the prediction that property prices would double in the next five to six years was “realistic”.

Assetz managing director Stuart Law said that there was massive misinformation about Bulgaria’s property market. People thought that they were dealing with investment advisers while they were actually dealing with real estate agents.

Local developers benefited from artificially low land prices and the lack of bank financing in Bulgaria, two factors that would not bring similar gains to private investors, according to Law.