0
Hello,
Favourite properties (0)
Saved searches
Selected for you
Notifications
Subscriptions
Settings
Sign out
Close

The Crisis Didn’t Bypass Rural Properties in Bulgaria: Their Prices Decreased by 53% in 2009. Demand Is Slowly Rising

2009-09-16   |  Polina Stoykova, BULGARIAN PROPERTIES

This is what the data of BULGARIAN PROPERTIES show based on actual concluded deals with rural properties in 2009 compared to 2008. The beginning of 2009 saw a decrease in rural property prices, which was the first in the last few years.

In the last few years rural property prices increased steadily as in 2008 the average price rose by 24% compared to 2007 despite the decrease in sales by 43.5%.

BULGARIAN PROPERTIES’ 2009 analyses showed as early as March 2009 that the average price of rural properties decreased by 40% compared to the average price in 2008 and the drop in sales continued till the end of April 2009 and reached 55% compared to the same period of 2008.

May 2009 brought change to the property market which became more dynamic due to the decreased prices which reflected on the rural property segment as well. From May till the end of August the average price of the concluded deals continued to decrease and was 33% lower compared to the period January-April 2009 while the number of deals increased by 35%. The data shows the direct connection between the decrease in prices and the increase in the interest on the part of the buyers.

From January till August 2009 the number of rural property deals decreased by 37% compared to the same period in 2008.

The average price of sold rural properties decreased from 30,800 Euro in 2008 to 19,130 Euro at the end of March 2009, followed by a decrease to 17,650 Euro at the end of April. For the period May-August 2009 the average price of concluded deals with rural properties was 11,950 Euro which is a decrease of 61.2% compared to the average price in 2008.

It is exactly the lower prices that restored the interest of British buyers towards cheap rural properties. The share of these buyers to all foreign clients of BULGARIAN PROPERTIES increased by 10% during the summer months compared to the first months of 2009. However, now it is not only Brits who are now interested in purchasing a rural property in Bulgaria, but also many Bulgarians and people from various nationalities.

The decrease in prices varies for the different regions. The greatest decrease is to be found in the villages around Sofia, Varna, Burgas, Plovdiv, Stara Zagora and Yambol – these are the most attractive areas where in the last few years prices increased considerably and until a few months ago sellers were not willing to lower them. Rural properties around the towns of Vidin and Veliko Tarnovo have retained their levels from 2008 as the increase in property prices started slowing down earlier than in the other regions of the country.

Here is the statistics of BULGARIAN PROPERTIES per regions:

Average prices of concluded rural property deals for the period 5.2009 – 8.2009:

Villages around capital Sofia – 18,000 Euro – with average price of 29,500 Euro in 2008, decrease 39%
Varna region – 15,000 Euro, with average price of 31,300 Euro in 2008, decrease 52%
Bourgas region – 18,500 Euro, with average price of 28,000 Euro in 2008, decrease 34%
Veliko Tarnovo region – 14,200 Euro – return to levels from 2008
Yambol region – 6,500 Euro, with average price of 16,300 Euro in 2008, decrease 60%
Montana region – 3,900 Euro, with average price of 7,850 Euro in 2008, decrease 50%
Vidin region – 12,400 Euro – retaining level from 2008
Stara Zagora region – 5,400 Euro, with average price of 15,000 Euro in 2008, decrease 64%
Plovdiv region – 10,500 Euro, with average price of 17,300 Euro in 2008, decrease 39%
Kardzhali region – 11,300 Euro, with average price of 24,000 Euro in 2008, decrease 53%

Changes in the average prices of rural properties through the years:
Average prices and change compared to the previous year:
2005 – 15,450 Euro +37%
2006 – 18,510 Euro +20%
2007 – 24,800 Euro +34%
2008 – 30,800 Euro +24%
2009 – 14,380 Euro – 53% from January till August 2009

Currently, sellers continue to lower the prices of their properties and this process is expected to continue in the next few months. This trend is very clearly shown in BULGARIAN PROPERTIES’ weekly newsletter containing new properties for sale and rent and properties with reduced prices. In the last few weeks the number of properties with reduced prices is almost the same as the number of new ads, sometimes even exceeding it and the price reductions reach as high as 80%.
For more information SUBSCRIBE to our WEEKLY NEWSLETTER.

Related articles:
A Place in the Sun Magazine: “We Can’t Afford to Buy in the UK, so We’re Looking in Bulgaria”

Rural Properties – The Alternative Holiday Homes in Bulgaria

After Another Year of Price Growth the Rural Properties in Bulgaria Now Cost Less

---
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 this article.
© Bulgarian Properties Ltd. 2009.

Share
Festa Chamkoria Forest Residence - Turnkey Apartments for Sale in Borovets
Feel at home in Borovets! Buy your own vacation apartment in a completely finished and operational complex with quiet location among a century-old pine forest. Available studios, 1- and 2-bed apartments at attractive prices, no buyer's commission. With guaranteed rent!
See More
Properties with 360-degree virtual tours
Feel the unique atmosphere of Bulgarian properties with the virtual tours we offer! At any time, with just one click, you can travel to your dream home, with no need for appointments and trips.

The virtual tours are taken personally by our team and are with guaranteed authenticity. We show you every detail of the property, just like being live in there!
See More

More News

latest news
We've opened a new office in the heart of Dupnitsa: Visit us at Knyaz Boris I Street, No. 1

We are proud to announce the opening of our new office in the city of Dupnitsa, located at Knyaz Boris I Street, No. 1, Floor 1.

This strategic move is part of our mission to be as close as possible to our customers and to provide high quality local service for both buyers and sellers.

In our new office, clients will be able to take advantage of the ful...

28 March, 2024
latest news
Selling property in Bulgaria? Check out what documents you will need!

In a series of materials, we present you with useful information on how to best prepare your home for viewings and how to determine the right price of your property.

Here we will focus on the heart of the transaction. Buying and selling real estate often seems a complicated and cumbersome procedure, requiring a number of documents and communication with various institutions. And buy...

22 March, 2024
latest news
How much is your property worth and how to set a perfect listing price?

When deciding, or even just considering listing a property for sale, our first question is often: What price should I be looking for my property.

Every homeowner is probably trying to do their own mini market research. They look at the listings in their area, read the latest statistics on property transactions, turn to an agency to get an idea of what they can get.

Ve...

18 March, 2024
Company news
BULGARIAN PROPERTIES Agents of March 2024

Spring comes with new opportunities in the real estate market in Bulgaria!

February showed us significant activity in the real estate market, spanning the entire country, and that gives us plenty of reasons to be optimistic.

Latest market data and trends:

- We are seeing an increase in issued new building permits - a sign of growing interest in new dev...

05 March, 2024

REQUEST DETAILS