Tue, Feb 09 2010

Luxury real estate prices in Bulgaria slump by 40% - study

Mon, Oct 26 2009 15:39 CET byNick Iliev 2873 Views 3 Comments
Luxury real estate prices in Bulgaria slump by 40% - study

Photo: Julia Lazarova

Luxury homes have diminished in value by about 40 per cent since the onset of the global economic downturn, while the number of sellers of such properties has doubled, real estate agency Unique Estates said on October 26, as by Dnevnik daily.
 
Since the beginning of the recession, the highest price paid for a luxury home in Bulgaria was 3000 euro a sq m. By contrast, the record deal struck for an apartment on Sofia's Narodno Subranie Sq in 2007 fetched a price of 6000 euro a sq m. 
 
"At the start of the year, the deals volume was similar to last year's, but after March, the trend has drastically changed," Dnevnik quoted Unique Estates managing director Vessela Ilieva as saying. "A luxury home in Sofia priced at one million euro is now perceived as very expensive," she said.
 
Most potential buyers are now opting to buy a luxury flat in the range of 120 000 to 150 000 euro or a single family home for about 500 000 euro, Unique Estates said.

The real estate agency is owned by AG Capital, the majority shareholder in Address, one of Bulgaria's largest realtors, and real estate consultants Forton International.

Source: propertywisebulgaria.

Comments

Anonymous visionz Tue, Oct 27 2009 22:10 CET
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lol EofE! seriously though... imagine paying 150,000 for 1 of those apartments! ive seen those get built like! 50,000 max! and thats if I had it spare! it takes a full day in that country to post a letter! and do the people behind the counters at 'info' points still look at you as if you just landed from outer space in the middle of their dinner when you ask for help? I used to find that very frustrating.

Anonymous vanko Tue, Oct 27 2009 13:18 CET
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Unique estates are bound to say that as probably 95% of their listings are in that category (however for luxury read looks very nice but I wouldnt bet on it looking good a couple of years from now!)

Anonymous EndOfEmpire Tue, Oct 27 2009 09:00 CET
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"Most potential buyers are now opting to buy a luxury flat in the range of 120 000 to 150 000 euro or a single family home for about 500 000 euro, Unique Estates said."

Anybody who buys property at these prices in a corrupt, crappy third world country deserves the a$$ pounding they will receive.

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