Decrease in Garage Demand, Unsold Parking Spaces in New Buildings

BULGARIAN PROPERTIES

There are quite a few unsold parking spaces in the new buildings mostly because buyers have decided to save this additional expense, commented real estate company BULGARIAN PROPERTIES. Meanwhile, there is no supply of apartments with a bonus parking space. And when we are talking about a sum that equals that of a full set of furniture for an apartment people chose the furnishing to the parking place, experts from the agency explained.

According to the company’s data the prices of parking spaces in common parking lots in the buildings start from 7,000 Euro and prices of individual garages with an exit to the street can reach 15-20,000 Euro. However, there are no deals with such garages at the moment. What predominate are the purchases of parking places in common parking lots.

The demand of garages and parking lots has decreased compared to the levels before the crisis and now buyers buy a garage only if they really need it, the company’s real estate agents say. The demand is focused mainly around the areas in the big cities where there are problems with parking – the central parts and the paid parking areas.

There is demand for garages for rent, especially in the center and in the paid parking areas – almost all garages in these zones are being used.

There was an idea garages to be sold only together with the apartments so that apartment owners would have a designated parking space but that is what this was – an idea, the agency also commented. At present garages are perceived as a separate property and can be freely sold or rented out.

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© Bulgarian Properties Ltd. 2010.


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