Property prices have risen in both Romania and Bulgaria as a result of speculating European investors, according to an expert on international mortgages.
January 1st 2007 saw the accession of both countries into the European Union, bringing the total number of member states to 27.
Meanwhile, property valuations in these eastern European countries increased over the second half of 2006.
Rhiannon Williamson, co-owner of online mortgage advisory group Amberlamb, explained that growth in the international mortgages market may have been responsible for the trend.
"The eagerness of overseas buyers to buy up property stock actually kick-started active residential property markets in both nations prior to EU [European Union] entry, where previously there was no active market," she said.
Many people may be considering taking out buy to let mortgages in these countries to take advantage of an expected influx of immigrant workers from neighbouring countries.
Typically, it is believed that immigrants prefer renting to buying because they do not plan to stay in the countries permanently.
At the moment, Turkey is in talks with the European community regarding the possibility of joining at a later date, which may drive demand for international mortgages for property in the country.
International mortgages analyst explains property trends in Romania and Bulgaria
Mon, 08 Jan 2007
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Bulgaria and Romania could see influx of mortgage lenders, analyst suggests