Greek investors are livening up the property market in Bulgaria by seeking to rent or buy production bases and warehouses.

Over the past year, the number of Greek companies registered in Bulgaria increased by 70% and the trend is expected to continue in the two years to come, according to reports of private TV station TV7.

The last big deal was a rental deal for a production base spanning 22 000 square meters in the region of the western town of Elin Pelin, where a Greek company will move its production of photovoltaic panels.

According to official statistics, around 3800 100% Greek companies operate in Bulgaria at present and if the companies with mixed ownership are added, their number will exceed 15 000.

The largest concentration of Greek firms is in the regions of Sandanski, Sofia, and Plovdiv.

The number of Greek companies in Bulgaria has increased dramatically in only one year.

The companies opt for Bulgaria because of the difficult economic situation in Greece and the better tax conditions.

The majority of Greek companies only register their activity and pay taxes in Bulgaria but there are also a number of exported enterprises mainly in the clothing and food industries.

The number of Greek companies registered in Bulgaria is expected to keep growing by end-2012 and in 2013.