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Sat, Nov 21 2009
Brokers say Bulgaria’s property market hit rock bottom
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
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
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Real estate prices in Bulgaria have dropped to 2007 levels
The most drastic decrease is observed in the prices of residential estates along the Bulgarian Black Sea coast. Falls are observed in all market sectors nationwide but Sunny Beach, Sveti Vlas, Varna and Bourgas are experiencing sharpest reductions.
No man’s land
People with fresh money are the new trend on the real estate market
Chicago based Heitman looking for real estate in Bulgaria with 380M euro at disposal
After its successful acquisition of City Center Sofia in 2008, Heitman is considering stronger encroachment on the Bulgarian market.
More in this category
New modern marina worth 24M leva to be constructed in Pomorie
The Black Sea town of Pomorie has approved a proposal for the construction of a spacious and modern marina, with a capacity of over 600 yachts and small passenger ships.
Construction sector in Europe continues to decline
Over the course of a year, from one of the leaders in Europe in new construction, Bulgaria became one of the countries currently quagmired at the bottom of the table and was now amongst the three worst hit countries, along with Romania and Slovenia.
Bulgarian Property Developments begin construction of 12.6M euro logistics park in Rousse
The park is posed to act as an economic stimulant in the region, creating a modern infrastructural base for companies. It is set for completion by Q3 of 2010.
Discounter chains Penny Market, Plus open stores in Bulgaria
Both retailers target at least 50 outlets in Bulgaria by the end of 2010.
The big question
When will Bulgaria’s real estate and construction sector recover?
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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.
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 !
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?
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.
Dear marty saw a studio nessabar advertised 30 sqm 30000 eu ground Flore on the beach, try google search, might still be there,OK
what is the price of the studios in nessabar panorama beach