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British property consultant names Bulgaria world's strongest real estate market

Bulgaria was the world's strongest real estate market in 2007 with an estimated turnover of 11.36 billion euro, a growth of 2.36 billion euro over the previous year, British real estate investment company Obelisk told on February 1.
The previous lack of modern apartments, retail, and administrative constructions, as well as incresing investment in tourism, production, and the need for modern infrastructure caused the construction boom.
Construction sector increase is expected to be between 12% and 16% year on year until 2010, Obelisk toldin a statement.
The huge property price grow has been largely attributed to a good mortgage market, high annual revenue of real estates and the weak impact of the global credit crunch on Bulgaria, since there is virtually no cross-border banking in the country.
Britons accounted for 40% of all Bulgaria real estate investment in 2007, followed near Russians with 38%, and "played a primary role in maintaining excellent market conditions (...) and adding to the robust appeal for Bulgaria property investment," Obelisk told.