Obelisk International extends their project portfolio to include Bulgaria.

Property prices in Bulgaria are likely to double within the next few years. This is one of the reasons why real estate investment companies such as Obelisk International are looking to offer Bulgarian projects to their clients.

Property prices in Bulgaria’s major cities have enjoyed a solid growth of 2% in the past three months alone, in comparison to the first quarter of 2006 (source: Bulgarian National Statistics Institute). Obelisk International has found that the most impressive price increases in the last three months have been seen in Gabrovo (13%), Montana (9%) and Smolyan (8%). Sofia has had an annual price appreciation of 22% and a yield of 6.5%, according to recent figures produced by the Prestige Group International Hotspots Index.

The Bulgarian newspaper ‘24 Chassa’ analysed property prices across countries in Europe, Asia and in the United States and reported that Bulgaria had the second highest price increase after Latvia. The analysis showed that the Bulgarian growth rate reached 43.8% in the second quarter of 2005, but went down to 20.5 per cent for the second quarter of 2006. This growth rate is generally thought to be due to low inflation and improved domestic access to financing and loans.

Obelisk International sees Bulgaria as potentially having as much success as their current investment real estate projects in Turkey. Like Turkey, Bulgaria looks to benefit hugely from impending accession to the EU. The European Commission has already approved the country’s accession to the EU next January. Bulgaria’s net profits show a compound yearly average growth rate of 13% for the period 2005-2008, which is above that of other new EU member countries such as Poland (10%), Czech Republic (7%) and Slovakia (9%), according to UniCredit.

The research team at Obelisk International has been impressed with the extent of investment interest in the Bulgarian property market, partly fuelled by the low property prices available. Even given the recent increases, there are still real bargains to be had, with apartments in the ski resort of Bansko starting at £28,000. The online travel company ‘Opodo’ is predicting that Bulgaria will be the most popular emerging holiday destination for 2007. They report that bookings to the country have risen by 40% in the last six months and they expect a significant further increase after it joins the EU.

About Obelisk International.

Obelisk International offers investors opportunities for investment in various selected real estate projects from around the world. Their investors are offered involvement in ventures that create unrivalled opportunity, potential and ultimately, return on investment. The service they provide to investors is based upon three key aims: price, profit and performance.

For more information on investment hotspots and to find out about Obelisk International's exciting new projects, contact Kevin Prior, Sales Director, Obelisk International.
+34 952 820 319 or kprior@obeliskinternational.com