Bulgarian property, Cyprus, Central Portugal, America and France have been named top property hotspots for British investors looking to buy abroad in 2007. Spain, however, should be avoided, a leading foreign currency exchange said. FCExchange, says the current low prices of Bulgarian property will continue to be the main attraction for investors.
“The investment opportunities in Bulgarian property are as a result of extensive World Bank funding, which has allowed dramatic improvements to Bulgaria’s infrastructure and tourism industry, transforming it from its former Communist days,” says Nick Fullerton, Director of FC Exchange.
“We have based our 2007 predictions on our industry expertise and experience of spotting and interpreting patterns and trends,” Nick Fullerton said. “The countries FC Exchange have cited as hot spots are the ones where buyers are most likely to see good returns for their money. We have taken into consideration individual economies – the strength of each currency and the supply and demand that is already present in each market, which always affects prices and availability.”
The biggest surprise in the company’s forecasts for next year is Spain. A favourite of British buyers for years, the country is rapidly losing its appeal due to inflated property prices and bogus planning permissions. Fullerton said, “A lot of owners are now trying to sell their property while it is still standing, which is proving more difficult as the demand decreases. the focus for 2007 will clearly be on Bulgarian property”
Source: Sofia Morning News