The popularity of the Bulgarian property industry has been improved by the state of the country's economy and finances, according to reports.

According to Assetz UK, an announcement from the Nation Statistics Institute that the country's gross domestic product increased by 5.6 per cent in the first quarter of 2006, to reach a level of £3.4 billion, has offered a "helping hand" to the Bulgarian property industry.

The improvements in its economic affairs, as well as its future accession to the EU, have contributed to improving Bulgaria's reputation among overseas property investors.

Increasing demand from foreign investors has had a positive impact on the country's economy itself, according to Assetz, as higher employment figures are believed to be reflective of the rising activity in the property market.

One other factor that is expected to contribute to a future boom in the Bulgarian property market is the Winter Olympics, which the company is hoping to hold in 2014.

It is hoped that a successful bid to bring the Olympics to the country's capital of Sofia as well as accession to the EU will greatly enhance Bulgaria's popularity as a site for property investment.

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    Carol McDonald