32% Decrease in Varna Property Prices

Novinite Dnes Daily, 11.01.2010

3:1 is the ratio of rents to sales for the region of Varna in the last year, data of company BULGARIAN PROPERTIES show. Rental prices have decreased by 32 percent to an average of 290 Euro for an apartment in December 2009, compared to the 430 Euros in the same month in 2008.

In the beginning of January 2010 prices are similar to those in December 2009. During the summer prices were about 450-500 Euro while now the prices are about 300 Euro and it is Bulgarians who are the main clients on the market, company experts say. The period in the beginning of 2009 was characterized with the demand of more luxurious apartments to be used by foreign managers and businessmen.

Regarding sales brokers say the market was at a standstill until mid 2009 and sales took up only 11% of the company’s concluded deals, the rest being rental deals.

In the second half of 2009 residential sales in Varna started to liven up as well because sellers started decreasing the prices and some very attractive offers appeared on the market. During the second half of 2009 sales already made up 40% of the total number of deals in the area. “Sales continued to be either of very cheap properties (between 4,000 and 15,000 Euro for rural properties and between 25,000 and 45,000 for apartments in the areas of Varna and Kavarna) or in the luxury segment – apartments for over 100,000 Euro” agency experts explain. They also add that in contrast to Sofia sellers in Varna decreased property prices slower and that is why the market there is not as dynamic and the prices not as flexible.

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