Bulgarian Property: Another Shoe To Drop?

BMI View: While we continue to believe in the potential for long-term convergence in Bulgarian asset valuations with those of Western Europe, a bubble could well be about to burst in the shorter term. The local housing market has been the hottest in Europe in recent quarters, but over-supply of properties, especially in the coastal resorts, as well as the reverberations from the Anglosphere's property melt-down, look set to take their toll. Several Bulgarian focused real estate companies have already seen their share prices retreat markedly from their 2007

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