Properties in Bulgaria 2009: Decreased Prices Lead to Increased Affordability

B2B Turkish Trader Magazine, October/November 2009

Resume: Polina Stoykova is the Chief Operations Manager of BULGARIAN PROPERTIES - the leading real estate agency in Bulgaria serving local and foreign property buyers from around the world. Polina has extensive experience and knowledge about the Bulgarian property market, acquired through years of practice and constant research based on empiric market data.

After very dynamic 5 years for the Bulgarian property market, the global financial crisis brought difficult times in 2009. The number of completed deals in has since fallen with 40% on average compared to 2008.

However, there is good news and it is that the prices of the properties in Bulgaria have now fallen to levels of year 2005 and it is really a good time to buy properties. It can be any type of property – vacation, city, rural, commercial, land and others. The property market now characterizes with huge supply, wide variety of options, low prices and buyers are in a position to negotiate with sellers.

Here are a few examples describing the market trends:

Property prices in Bulgaria’s capital – the city of Sofia - have decreased by 28% in 2009. A luxury apartment in the centre or in the prestige quarters of the capital can be bought from 800 Euros per sq.m. These are the lowest prices of property in the EU. Not to mention that Sofia offers now a very big supply of quality business properties – office, shops, restaurants, etc in prime locations or in newly built modern office buildings.

Prices of furnished apartments in the most modern ski resort in Bulgaria - Bansko start from 495 Euro/sq.m., compared to 1,200-1,300 Euros per sq.m. in 2008. An unfurnished one-bedroom apartment can be bought for as low as 28,000 Euro and the price of a fully furnished one starts from 35,000 Euro.

Apartments near Sunny Beach (the most developed beach resort) start from 310 Euro/sq.m., while these same properties were sold from 700 Euros per sq.m. in 2008. Prices of apartments in the center and close to the beach vary between 790 and 1,200 Euro per sq.m.

Rural property prices have fallen with 53% compared to 2008 and you can now buy houses for as little as 4,000 Euros.

Only elite property prices have remained relatively stable – the unique properties show now decrease in their prices and the rest of the luxurious properties have decreased with up to 20%.

It is exactly the lower prices that restored the interest of buyers from various nationalities towards the cheap and discounted properties, which are now much more affordable. And Bulgaria is a EU country, modern, developing, with beautiful nature and huge potential. There is something for everyone here.

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