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Bulgarian property prices were up by 22% in the period from January to September 2007.

The market for property for sale in Bulgaria is strong and there is plenty of room for more growth because property prices in the country started at such a low base. The residential market in Vidin, a city in north-western Bulgaria posted the biggest price increase in Q3 2007 with 20%, followed by Sofia with 15% and Blagoevgrad with 12%. The latest gains mean that Sofia is once again at the top of the nation's most expensive housing list with an average price of close to 2,000 levs per square metre for property for sale in Bulgaria. It takes over from Varna, taking a lead of more than 150 levs per square metre on average over homes in Varna, the coastal city, which was consistently beating the capital over the past two years. The price increase beats the forecast for property for sale in Bulgaria which had been for an increase of 15% in 2007. For Bulgarians, rising inflation and food prices have acted as an incentive for people to make an investment in property for sale in Bulgaria. New construction is also helping to push up prices of property for sale in Bulgaria. Residential districts like Manastirski Livadi, Malinova Dolina, Studentski Grad and Vitosha have over 70% of the supply as new construction, and these exemplify the trend. In these areas asking prices have soared from 800 euro per square metre at the beginning of the year to 1,200 euro per square metre. Property for sale in Bulgaria has gone up in Vidin because of the construction begun on a new bridge across the Danube and there are a large number of village residents who have sold land to developers of business parks and who now want to buy urban homes. In the first nine months of 2007 the average price of residential properties in Varna rose by 25% following the trend of increase in prices of property for sale in Bulgaria. Brokers report that prices of property for sale in Bulgaria have been going up every month since the beginning of 2007. Real estates in Varna’s Sea Garden are the most expensive, followed by property in the Greek Neighborhood and the Sports Hall area. Construction of malls and trade centres in the residential quarters of Bulgaria’s Black Sea capital has helped to raise the prestige of these areas and the prices have gone up with it. Prices of property for sale in Bulgaria have also gone up because of the increased requirements for quality of the construction and the rising prices of building materials. Bulgaria offers a wide variety of landscapes, natural features, wildlife, flora and fauna and recreational activities. The Black Sea Coast is wonderful as a seaside holiday destination for rest and recreation. There are nearly 300 days of sunshine as a yearly average. There are various opportunities for climate and balneotreatment, yachting, surfing, water skiing, diving, underwater fishing, other aquatic

sports as well as opportunities for hiking, cycling, riding, photo-tourism, ecotourism, and excursions to natural, archaeological and cultural places of interest. Property for sale in Bulgaria also takes in the mountains such as Rila, Pirin, the Rhodopes, Vitosha and the Balkan Mountains which give marvellous opportunities for skiing and mountain hiking. The international resorts of Pamporovo, Borovets and Bansko provide some of the best skiing in Europe with snow from Christmas to Easter. Bulgaria also has over 600 hot, warm and cold mineral springs of varied physical and chemical contents. Bulgaria also enjoys three national and nine nature parks, a number of reserves and natural places including gorges, steep rocks, and waterfalls.