The question as to whether the tide of British and Irish citizens frantically buying property in Bulgaria's developing real estate market is beginning to subside, could not be affirmed or one-sidedly answered. Statistics provided by some of the country's leading property agencies differ and any attempt to write about a specific trend, would be tempting, but rather misleading.

Also, agencies could not agree whether foreigners who had bought property in Bulgaria some years back for quick profits were desperately trying to sell it because of, supposedly, dropping value.

In the past, the main definers of the demand-supply formula, including the prices of holiday homes, were buyers primarily from abroad, Polina Stoikova an operations manager at the Bulgarian Properties Ltd told The Sofia Echo. The prices were and still are influenced by property developers, investors, and agencies and some middlemen also playing on the market, re-selling apartments.

"It was a great delusion that any property in Bulgaria promised generous profitability," Stoikova said. She added that the advancing world economic and mortgage crisis impinged on western economies as well as had an overall unfavourable effect on the tourism in Bulgaria.

"Unfortunately, a combination of the aforementioned factors contributed to a reflux of the major group, foreign buyers coming from Britain and Ireland," Stoikova said. "Pressed by the higher interest rates on their mortgages, and the increasing fuel and food prices, people are forced to carefully prioritise."

Stoikova cited statistics compiled by the Bulgarian Properties Ltd indicating that the demand of holiday homes at Black Sea resorts had decreased by 40 per cent and at the ski resorts, the decrease was 80-90 per cent.

"We should not ignore the fact that the reflux of foreign buyers is additionally stimulated by the frequent bad foreign press about Bulgaria and the lack of state strategy for tourism development," Stoikova said.

On the other side, the supply of holiday homes continues to increase because current owners are putting them up for sale. Their advertised prices vary, Stoikova said, depending on the season, location and quality and how quickly the sellers need to pocket the money.

Andrew Ingram bought an off plan apartment at the western side of Slunchev Bryag (Sunny Beach) in 2004, hoping it would be a long-term investment. The apartment was 50 sq m and cost 45 200 euro, which he paid in several instalments.

"We have been living in it since January 2008, but needed money and decided to sell," Ingram told The Sofia Echo. He added that he also put a plot of land up for sale and waited to see which would sell first.

Ingram said that to his amazement, after only two days on the market, the apartment found a Bulgarian buyer. The deal was sealed for 51 000 euro.

Kaloyan Bogdanov, marketing manager at the Address real estate agency, did not agree that foreign owners were desperately trying to sell their Bulgarian property primarily because of devaluation.

"The situation, in reality, is quite different," Bogdanov told The Sofia Echo.

He talked about the wave of British and Irish property investments in Bulgaria in 2004-2005. Prices, then, did not even come close to today's advertised value. But after the beginning of the mortgage crisis exactly a year ago, owners started to experience difficulties in paying back their debts and decided to sell their property.

"It is unreasonable to talk about selling at a loss," Bogdanov said. He gave an example of how property bought close to the sea in Varna for 60 000 euro a few years ago, was offered this year for 230 000 euro.

As if to back up Andrew Ingram's story, Bogdanov said that according to the data compiled by the Address real estate, there was a slight movement upwards of British owners trying to sell their Bulgarian property. However, he added that their decision seemed to be influenced by the current situation of the financial markets and the personal need for an influx of money, rather than having second thoughts about the viability of their investments.

"But let us not forget that good location and quality are definitive for higher selling or rental prices," he said.

Bulgarian Properties Ltd provided price ranges at the Black Sea resorts. Properties in villages near larger resorts are offered between 500 and 900 euro per sq m, while apartments in Sunny Beach could vary from 1000 to 2000 euro per sq m.

The smaller resorts like Kranevo, Kavarna, Kiten or Ahtopol offer holiday homes between 600 and 1000 euro per sq m.