Fri, Feb 10 2012

House prices in Bulgaria will continue to drop – Address

Sun, Jul 19 2009 14:13 CET

byClive Leviev-Sawyer

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House prices in Bulgaria will continue to drop – Address

Photo: Clive Leviev-Sawyer

House prices in Bulgaria were 23 per cent in lower in the first half of 2009 than they were in the same timeframe of 2008, real estate company Address said, quoted by Bulgarian National Radio.
 
Prices will continue to drop until the end of the year, the company said.
 
There are towns in which properties were dramatically overpriced and prices were going down by about 30 per cent.
 
For instance, in quarters of Sofia such as Lyulin, Druzba and Obelya, it was already possible to buy a flat for about 30 000 euro, Address said.
 
Meanwhile, in a survey released on July 16 2009, real estate consultancy Colliers said that the average rent duration of Bulgarian business properties was five years, Dnevnik reported.
 
Contracts could be signed for a 10-year period, mostly about shopping malls, retail centres and office buildings.
 
Rents are updated against the harmonised index of consumer prices, which is compiled according to a methodology that has been harmonised across EU countries.
 

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