Bulgaria apartments see smallest price drop since crisis began
 

Bulgaria apartments see smallest price drop since crisis began

Thursday, April 26, 2012. Ivan Radford @themovechannel

Bulgarian apartment prices fell by 0.4 per cent from the previous quarter in the first three months of 2012, according to the Bulgarian National Statistical Institute, the smallest decrease in prices since the beginning of the crisis.

Bulgarian apartment prices fell by 0.4 per cent from the previous quarter in the first three months of 2012, according to the Bulgarian National Statistical Institute, the smallest decrease in prices since the beginning of the crisis.

Vratsa and Vidin recorded the biggest drops in prices, of 4.42 per cent and 3.23 per cent respectively, but prices in some regional cities, such as Sofia, saw prices rise by 0.83 per cent, while values in some towns stayed the same.

On a year-to-year basis, average prices of apartments have fallen by 6 per cent, but some agents welcome the data as part of a slowdown in decreasing prices. Bulgarian Properties' recent report found that in the first quarter of 2012 the number of sales remained similar to the same period in 2011, describing the figures as "positive news on the background of an uncertain economic recovery".

"At present the real estate market in Bulgaria is calm, prices have reached a balance and have remained more or less the same in the last six months while property supply is high-quality and diverse," comments Chief Operations Manager Polina Stoykova.

"The market at the moment provides very good conditions for striking a bargain deal. More and more property sellers and buyers are managing to overcome the crisis mindset that had overtaken the market in the last few years and they are adapting to the new reality."


Author - Dan Johnson

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