Bulgarian property to benefit through new investment

Overseas property investors are soon set to have a greater degree of choice in the eastern European sector, with the Bulgarian property market one of the segments to see significant new investment.

Austrian property developer Immoeast has announced that it is investing €180 million (£122 million) to create new property in Bulgaria, Poland, Romania and Slovakia.

The initiative is expected to lead to 2,000 new residential units which, according to the Budapest Business Journal, will create a total yield of "well above 20 per cent" for the company.

One of the reasons behind the project is the level of profitability that the eastern European property market offers, with Immoeast reporting that real estate in this region offers an annual yield of more than ten per cent, compared to five per cent in Austria, where the company is based.

This profitability is based on the level of demand for property in Bulgaria and other countries in the region and this has also prompted Immoeast to say that the confirmed investment is "merely the first step", with further initiatives planned for the future.

Construction on the new residential units in Bulgaria, Poland, Romania and Slovakia is believed to already be underway.

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