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Top property hot spot
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Bulgaria has moved to the top of a table of global property hotspots, with Cyprus a close second and France third, according to the latest Assetz Property Investment Tracker. Conversely, Assetz said investors in both South Africa and Florida should beware of rising interest rates and plummeting returns. The data reveals that in the first quarter of 2006, Bulgaria has stormed past Cyprus to the top of the hotspot table, offering a staggering 116% return on cash invested. Deposit levels of 30% are easily accessible to most investors due to the relatively cheap property, with a typical two-bedroom apartment costing in the region of £80,000. Bulgaria is now establishing a stable resale market and proving it has staying power as an investment destination. Although the level of house price growth is expected to tail off slightly during the remainder of 2006, Assetz predicts that overall market growth will remain high, alongside excellent yields of 12% in quality areas such as seaside resorts near Varna and Bourgas.
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