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Sep 19, 2007 17:43 EEST
SOFIA (Bulgaria), September 19 (SeeNews) – The growth rate of real estate prices in Bulgaria is seen accelerating to some 30% this year from 15% for 2006 with demand growing faster than supply, an industry official said on Wednesday.
“The rise is already some 25%-27% [since the beginning of 2007]. It is due to the euphoria because of the country’s entry in the European Union, the rising standard of living and the credit growth,” Teodora Dimitrova, executive director of the Bulgarian arm of U.S. real estate company ERA Real Estate, told reporters on the sidelines of a news conference.
She added supply was hardly meeting demand this year, unlike in 2006.
The real estate market of Bulgaria, which joined the European Union in January, has attracted a large number of foreign investors expecting high returns after the EU entry, while rising salaries have boosted domestic demand.
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