June Was the Most Successful and Dynamic Month in the Property Sector

Polina Stoykova, BULGARIAN PROPERTIES

A substantial growth in real estate sales was reported in June following a stabilization of the market from March to May, when deal volumes were similar. Bulgarian Properties data shows that the number of concluded sales agreements during the previous month increased by 50% compared to May. Experts state that these sales are made at prices about 50 percent lower compared to the first quarter of 2009, as this applies to all types of properties.

A research of Bulgarian Properties shows that the number of deals with finished properties is comparable with the number of sales made in June 2008. Off-plan property agreements concluded in June are 88 percent less compared to the same period last year. According to experts this only confirms the trend of avoiding the purchasing of off-plan apartments due to the higher risk it brings and also due to the big supply of already finished properties.

Specialists explain that the fifty-percent increase in deals is mainly a result of the finalizing of holiday property agreements at very lucrative prices. The decrease in offer prices was felt most in May which led to deals in June. The consultants give as an example sales of apartments in already finished and functioning developments in Bansko whose price starts from 28,000 Euro.

The increase in deals in Sofia is mostly due to sales in the lower price range – between 35,000 - 40,000 Euro. Brokers at LUXIMOTI agency – the luxury brand of Bulgarian Properties - point out that there is demand in Sofia and deals are made in the high-quality property segment as well. There are no deals only in the mid price range as experts claim that this trend started in the beginning of the crisis.

In the beginning of the summer season the number of rented properties also increased – by 50 percent compared to May 2009.

Almost 35% of the deals of Bulgarian Properties are with Bulgarians. Of the foreign buyers 43 percent are Brits as they were 10 percent more in June compared to the previous months. Russians make 12 percent of the foreign buyers and the rest of the clients are of various nationalities – from Belgium, the Netherlands, Italy, Canada, Germany, Iceland, Lithuania, Romania, etc.

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Copyright: 2009 Bulgarian Properties Ltd. All rights reserved. For further information or advice please contact us on tel.: +359 2 9 11 50 or e-mail: info@bulgarianproperties.com. The use of this article by third parties is allowed only with proper quotations of the source www.BulgarianProperties.com and the Author of the article. The data in this material has been collected by the Author and Bulgarian Properties Ltd. and is presented for information purposes only. We have made every effort to ensure the accuracy of the data. However, Bulgarian Properties Ltd. cannot be held responsible for loss or damage as a result of decisions made based on the information presented in this article.
© Bulgarian Properties Ltd. 2009.


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