A number of foreign citizens, who had purchased real estate property in the Bulgarian capital for speculative purposes, are now starting to sell them out in order to make a profit.

This trend was reported Thursday by the Bulgarian newspaper Trud Daily, which cites data of the Yavlena real estate agency.

Most of the apartments on sale were bought in 2006-2007 while they were still under construction. They have been completed and are now sold for much greater prices.

The newspaper points out that an apartment, which was bought for EUR 50 000, could now be sold for EUR 80 000.

According to the Yavlena Agency, these deals were beneficial for the buyers as well because the foreign citizens were ready to sell the apartments immediately.

Foreign investment funds, mostly from the UK and Spain, are also reported to be taking part in this trend as many of them have acquired whole buildings with dozens of apartments.

According to the data, the sales by foreign owners constitute about 10-15% of the apartment deals on the market.

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