Real Estate Agents: Rural House for Only 5000 EUR

Cherno More, Varna, vol.102, 11.05.09, p.5

A nice house in the center of the village of Vladimorovo can be bought for 5,000 Euro. In the same village there is even an offer for 7,200 leva which besides the house includes a garden of 2,000 sq.m. This is what can be found in the sites of Varna real estate agencies. Prices of rural properties in Bulgaria have gone down by 22-25%. There is a clear downward trend in the prices at which deals are concluded in the first quarter of 2009. The average price decrease in the country is almost 40% and nears the 2006 price levels, Varna property agents comment. The decrease in our region is not that big but the prices of rural properties are considerably lower than those of offers in the city of Varna, they add. According to them it is that price decrease that will make buyers loosen their purse-strings as there is big interest and a lot of the clients are ready to buy rural property.

When there are lucrative rural property offers buyers react fast and they do not remain on the market for long, Bulgarian Properties agency comment. According to the agency’s observations in spite of the crisis there is still interest towards the properties in Varna region. What is new is that together with the foreigners (mainly Brits, Russians, Greeks, and Dutch) Bulgarians who buy rural properties become more and more although despite the increased demand it is difficult for the positions of the seller and buyer to meet. Apparently, after the long increase of property prices by about 25% per annum this decrease is difficult to swallow although it is quite normal under the present circumstances.

Average prices of rural properties through the years (data of Bulgarian Properties):

2005 – price 15 450 EUR; price growth 37%
2006 – price 18 510 EUR; price growth 20%
2007 – price 24 800 EUR; price growth 34%
2008 – price 30 800 EUR; price growth 24%

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