2010 – Restart Year for the Bulgarian Property Market

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2010 is turning out to be the restart year for the Bulgarian property market as there has been no significant change in the number of deals, in the prices of sold properties or in the listed properties compared to 2009. This is what the analysis of company BULGARIAN PROPERTIES for the third quarter of 2010 shows. The reaching of a balance and stability has been like a breath of fresh air to all players on the market.

According to the data average asking prices for apartments have decreased by 18% as the greatest drop is to be found with one-bed apartments and maisonettes – 20% and the smallest price drop is for the smallest and biggest flats. For houses the average price decrease is 22%, for land – 26%, for offices – 28% and for shops – 30%.

The number of deals in the capital in Sofia has increased compared to the summer in 2009. The average prices based on actual concluded deals are 840 EUR/sq.m., as the decrease compared to the period April-July is 3.5% or 30 EUR/sq.m. In September there was also an increase in the demand for luxury real estate in Sofia, which resulted in an increase in the average price up to 997 EUR/sq.m. And discounts after a bargain remain between 5-10%. The average price of the sold apartments is 70,750 Euro.

Rental prices in Sofia are about 520 Euro, which is an 8% increase compared to the previous quarter. This is mostly due to an increase in the interest and the concluding of rental deals in the higher price segment, BULGARIAN PROPERTIES explain. At present the interest is mostly focused on the lowest and the highest price segment, namely between 200 and 400 Euro per month and between 700 and 900 Euro per month.

According to data from luxury real estate company LUXIMOTI there is an increase in the demand of properties on the part of company managers.

There is also an increase in the number of sales in the regional cities like Bourgas, Plovdiv, Veliko Tarnovo, etc. Apartments in these cities are sold between 25,000 and 40,000 Euro with an average price of 500-600 EUR/sq.m. An exception is the city of Varna which retains the highest property prices in the country.

Deals with beach holiday homes have increased by 20% compared to last summer, while there is no change in the average prices and the preferences. Regarding rural properties there is a decrease in the number of realized deals by 13% since July compared to the same period in 2009. Prices of rural properties have dropped by 20% compared to the second quarter of the year when they had registered an increase.

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