By Investment International

Investors looking to the Bulgarian market should concentrate on existing properties rather than off-plan, an industry expert has advised.

The managing director of Balkan Holdings, Chris Northam, said Bulgaria had plenty of both new off-plan and existing older property available.

He said that buying into the older stock was a "better potential investment than off-plan properties" because many places had seen so much off-plan building that supply exceeded demand.

In addition, Mr Northam said that existing property in Bulgaria was "still relatively inexpensive compared to almost anywhere else in Europe."

Bulgaria, which joined the European Union on January 1st 2007, has seen the value of estate grow by 18 per cent this year, according to research by Green Life Property Development.

The firm has also found that UK investors account for 20 per cent of property investors in the country, a figure which has risen in real terms but fallen as a proportion from 80 per cent in one year due to an influx of other foreign investors, particularly from eastern Europe.

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