Fri, Feb 10 2012

Bulgaria's residential property market is nearing its peak -realtors

Mon, Jul 21 2008 18:52 CET

bySvetlana Guineva
propertywisebulgaria.com

244 Views

For the months of May and June, supply on the residential property market surpassed the demand by 50 per cent, Katya Tsenova, the executive director of Address real estate agency, told a news conference on July 21.

In an attempt to evaluate the current status of the market, there were a number of contradictory statistics made public by various agencies in the past several weeks, Tsenova said.

As being one of the leading consultants and somewhat of a price negotiator, Address determined that Bulgaria's residential property market is falling into a state of self-correction. Tsenova explained the tendency as a situation when potential buyers become more particular in their wishes and refuse to pay the proposed high prices. This compels sellers to correct the demanded prices and lower them enough to make them more appealing, the executive director said.

Rising inflation and the higher interest rates charged by banks since the end of 2007 have contributed to the property price hike, Tsenova said. According to Address real estate, for the first six months of the year, the average increase of residential property in the bigger cities comes to 17 per cent.

For the full story, please visit propertywisebulgaria.com.

  • Print
  • Send via email
  • Translate to
  • Share:

To post comments, please, Login or Register.


Please read the The Sofia Echo forum comments policy.

More in this category

Raiffeisen Real Estate: Prices of Sofia homes returned to 2007 levels

Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.

Most property sales in Bulgaria were people wanting to escape their investment – report

Proportionately, the number of transactions in leva increased as people reacted to speculation that the euro would disappear.

Bulgarian property market: Home finance easier, media report says

Nearly all banks are ready to finance between 80 per cent and 90 per cent of the price of a home, provided it is a good building in a large city, Bulgarian daily says.

Bulgarian property prices ‘have hit bottom’ brokers say – report

Property prices in Bulgaria were five to 10 per cent lower in 2011 than in 2010, while initial estimates for this year are that they will remain largely unchanged, with transactions remaining at ‘crisis levels’.

Budapest, Skopje at top among ‘Europe’s top 20 places to invest in property’

Bulgaria’s capital city Sofia ranks 17th, report says, quoting Global Property Guide.

© 2000-2012, Sofia Echo Media Ltd.

Web Design by RIZN

Sofia Echo Media is part of the Economedia Group.
The news and information content on this website is provided by our editorial team and is copyrighted. Any unauthorised reproduction or use of it is strictly forbidden. Reproduction of this website's content is permitted only with prior written permission from the Editor-in-Chief, should be propertly acredited and provide an active link back to our site. Comments posted by the website's visitors are independent of the editorial materials and do not represent the views of sofiaecho.com. Sofia Echo Media cannot be held responsible for the statements contained in visitor comments. The percentаge change in the shares' prices are based on the price of the last transaction of the current session compared to the price of the last transaction of the previous session. Bulgarian Stock Exchange data is not real-time, but updated every 15 minutes, and should not be used as a basis for decisions about buying or selling stock options.