Sun, Jul 05 2009
Bulgaria and Latvia are among the destinations pointed as the next big thing in the property investment market.
UK's advice website BuyAssociation spokesman Paul Collins told Real Estate TV that these destinations offered the best potential returns in longer term.
Economic and tourism growth potential in Bulgaria and Latvia was "at a steady but assured pace."
Collins said that many of the countries which joined the EU over the past several years are showing strong economic performance.
According to Collins 2007 will of key importance for those who invested in Bulgarian property and will show the returns and eventual profit rates.
Brokers expected significant property market growth resulting from Bulgaria's EU accession.
Britons had more trust in overseas properties than they had in the past, Real Estate TV said.
The project will be financed by the Bulgarian Bank for Development, and the Joint European Support for Sustainable Investment in City Areas, or Jessica Programme, although the report has so far failed to reveal the total cost of the vast enterprise.
The strategic plan envisages the conservation of the nature "for decades ahead", and it was formulated by a municipal team headed by professor Ivan Nikiforov, backed by Prime Minister Sergei Stanishev.
Once the overhaul and reconstruction of the Sofia–Vidin line is complete, it will cut travel time to three hours, as the train will be able to reach speeds of up to 160 km/h, shortening the journey to three hours.
Marriott however has made it clear that is not interested in investing in construction, but rather to occupy and manage existing buildings. Its strategy is to obtain management contracts.
Investors realise that it’s not viable to have a building remaining empty over the course of a year – so it's better for them to employ more flexibility to offset that loss.