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Bulgarian currency sought after

Catherine Deshayes

According to the Post Office, demand for Bulgarian currency has been going up steadily in the last three years.

Investors have been flocking to Bulgaria as they feel that a property investment here offers huge potential - buying in one of the world's fastest growing property locations for a fraction of the cost of most other European destinations.

Aston Lloyd recently flagged up Bulgaria as a good market to consider, saying that property values remain relatively affordable when compared with many other markets.

Head of Travel at the Post Office, Helen Warburton, said, "The demand for Bulgarian notes, (called Leva, with a fixed exchange rate of EURO 1 = BGL 1,95583) shows that while people in the UK are not deserting traditional destinations, people are increasingly considering other options.

"Many UK tourists are shopping around in Europe," she added.

Indeed, the number of sales to UK nationals has risen by 126% since 2005.

Soon, investors in the Bulgarian market could be in line to benefit from growth in the country's tourism sector.

As the number of incoming visitors grows, the knock-on effect on its rental market could be extremely positive.

Phil Grimes of Select Property Overseas, says, "Property is still a boom area. On the 1st January 2008 a flat rate of 10% tax was introduced on all personal income, which reduces the previous tax burden on rental incomes and increases the net yield on investment.

Online guide Foreign Property Buyer said, "Popular holiday resorts and city locations are still attracting strong rental yields and strong demand from investors, and major cities such as Sofia and Varna are well worth a look."

Check out Bulgarian property for sale at www.themovechannel.com/property/Bulgaria/