Is stability coming back to Bulgaria?

Tuesday, April 10, 2012. Ivan Radford @themovechannel

Bulgarian real estate has suffered considerably in the last five years, but new reports from two local professionals have suggested that the market is finally bottoming out.

Stability is coming back to Bulgaria's property market, two realtors have declared.

Bulgarian real estate has suffered considerably in the last five years, but new reports from two local professionals have suggested that the market is finally bottoming out.

The number of property transactions last year rose by 22 per cent compared to 2010, Yavlena announced last week. The majority of these involved agricultural land and the consultancy firm's share of Bulgaria's total number of sales has dropped to 15 per cent, but Yavlena's figures still show a significant decrease in demand for apartments in the mid- and high-price range.

House prices also declined while buyers remain more cautious than in previous years, but there are positive signs to be found in the company's report: the drop in real estate values is now slowing up, according to the Sofia Echo, while "the decrease in the annualised interest rate charged by banks for mortgages [in Bulgarian lev] were on the same level as interest rates on mortgages in Euro".

The newspaper also highlighted a report from Bulgarian Properties, which observed that house prices across the country had stabilised along with the number of property sales. With low prices attracting overseas investors to winter and seaside resorts, Bulgarian Properties note that Russian and Bulgarian buyers now dominate the investment market, helping to bring stability back to the country.


Author - Dan Johnson

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