New data from property experts has shown that over the last two years, around 10% of estate agents in Bulgaria have closed down due to the world wide credit crunch.

Of the 4500 estate agents which were active in the country two years ago, there are now around 50-70 less operating, said former head of the Bulgarian National Real Estate Association, Orlin Vladikov.

There is expected to be a large increase in demand for properties from foreign companies within the next year in Bulgaria, but these properties will mainly be for commercial purposes. Vladikov goes on to say; “I want to believe that Bulgaria will be rediscovered by many economic entities that will relocated their business activities from Western Europe, the Middle East, Greece to Bulgaria.”

This is the ideal time to buy property in Bulgaria, as the demand is so low, those who are desperate to sell their property will be more likely to accept a lower asking price.

Vladikov has also said how he hopes to see Bulgaria become more of a foreign investment destination as its tourist image improves.

To understand the full step-by-step process to buying a property in Bulgaria, collect The Overseas Guides Company’s ‘Bulgaria Property Buying Guide’