The real estate market in Bulgaria has become one of the most attractive for investors due to an accelerated pace of growth and a price level still below those of other countries in the region, such as the Czech Republic, Slovakia or Romania.

That comes despite a recent report of the Bulgarian national statistics institute, quoted by, shows real estate prices rose by 36% over the past year.

While a square meter in Bucharest closes in to 850 euro and exceeds 1500 euro in Prague, it sells for about 600 euro in Sofia.

One of Bulgaria’s main advantages is tourism, an economic activity continuously supported since the communist times as a main tool to attract foreign currencies. Because of that, properties in the vicinity of Bulgarian resorts are much prized by real estates agencies from abroad, especially from Malta and Ireland.

Of a total 22,000 real estate transactions reported in 2005, 23% involved foreign citizens. The total value of these transactions exceeded 4 billion euro.

And prices are set to rise as the country prepares to join the European Union.