The majority of demand for Bulgarian property currently originates from investors in overseas property from the UK and Ireland, according to Colliers International.

A market overview by the company found that the interest in Bulgarian property from these investors has supported significant developments in recent years, both in mountain and coastal resort areas.

The town of Bansko is the most popular area for homes in mountain regions, as it accounts for 64 per cent of the holiday homes in these areas.

In June this year, supply of homes in mountainous areas amounted to over 12,000 units, an increase of 152 per cent in comparison to June 2005.

For coastal resorts, St Vlas was found to be the area most in demand, while Sunny Beach and Sozopol, all of which are on the country's Black Sea coast, were also popular.

Collectively, Bansko and St Vlas had 70 per cent rates of absorption for holiday home developments as of June 2006. The overall rate of absorption for Bulgarian property and holiday home developments was estimated at 60 per cent in mountain resorts and 56 per cent on the coast.

Sales prices of holiday homes in Bulgaria were found to be fairly stable in the Colliers International report, despite the fact that increasing supply was in excess of demand.

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    Carol McDonald