Tue, Feb 09 2010

Brokers say Bulgaria’s property market hit rock bottom

Thu, Mar 19 2009 11:03 CET 4734 Views 6 Comments
The Bulgarian real estate market has hit rock bottom and will not recover any time soon, Yavlena agency manager Strahil Ivanov said.

Speaking to students at the University of National and World Economy on March 18, Ivanov predicted prices of some properties could drop by 5 to 10 per cent. Now was the time to hunt for bargains, he said.

His opinion was echoed by most of Bulgaria’s major property agencies.

Tsvetelina Taseva, executive director of Address, said at a recent conference that buyers lower prices by 15 to 20 per cent if they have the money at hand.

Ivanov estimated properties in the centre of Sofia that are put up for sale at 2 000 euro a square metre at the moment, could fall to 1 600 euro.

Yavlena said deals in January and February were rare, but said quarterly numbers were expected to be three times lower. The company did receive inquiries from prospective buyers, which it said was a sign that the market was about to pick up. However, this is unlikely to happen before the end of the year, Ivanov said.

Real estate agency Elta Consult said more deals were expected towards the end of the year but prices would be lower.

Last week it emerged that prices in the mass home segment have gone back to levels of two years ago. Two-room flats in Sofia and Varna are available for purchase for 50 000 to 70 000 euro, according to a survey by Raiffeisen Real Estate. Asking prices in Sofia were 20 per cent higher than what buyers actually paid, the study found.

Source: Dnevnik.bg

Comments

AnonymousWillWed, Apr 22 2009 01:50 CET

This comment has been removed by the moderator because it contained

Anonymous Mikael. Tue, Apr 21 2009 14:36 CET
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Real estate prices around the Bulgarian beaches are set with the mind that the apartments would be sold to wealthy tourists from England, Germany and the Scandinavian countries. It was then, before the settlement was over, which destroyed the charm of the Bulgaria black sea. Now the points UGLY, and the tourists will return a smaller and not recommend others to go there. Now prices will fall by at least 35% and adjusted to purchasing power from Bulgaria's poorest neighboring countries.

Anonymous Jaaan Fri, Apr 17 2009 00:43 CET
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Don't know details but have heard that russians with their demand will still keep Bulgaria's market alive. Demand from UK is dead already for some nearly 18 months but developers still manage to sell smthg. That is a sign that will not be so hard, maybe this country will strugle and survive ! Big deal hunters with not needed land plots are biggest loosers !

Anonymous D.C. Hunsel Mon, Mar 30 2009 10:31 CET
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Bulgaria's property market was hyped by "buyers & "invetors" from The UK. It's sad to say but the Britons brought only GREED instead of knowledge and the much needed insights to the people Bulgaria. Just like in many parts of Eastern Europe, the big spenders from the West are scared away. However don't be mistaken the consumers still have the money but why spend it in Bulgaria?

Anonymous EndOfEmpire Wed, Mar 25 2009 00:06 CET
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Anybody who thinks real estate in bulgaria is only going to drop 5-10% is smoking crack. Sorry to let you know this, but you can buy equivalent property in a first world country, with a stable political system, reliable power, without paying any bribes for 50% less than many of the properties in Bulgaria these days.

Anonymous jeff Sun, Mar 22 2009 12:53 CET
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Dear marty saw a studio nessabar advertised 30 sqm 30000 eu ground Flore on the beach, try google search, might still be there,OK

Anonymous marty callaghan Fri, Mar 20 2009 21:04 CET
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what is the price of the studios in nessabar panorama beach

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