BalREc: The Buyer Sets the Conditions on the Property Market

The November issue of BalREC – the Balkan Real Estate Conference – which was held in the Kempinski Hotel Zografski in Sofia, once again gathered leading representatives of the building-investment business in Bulgaria – local and international investment and consultant companies, real estate agencies, building companies, architectural bureaus, financial institutions, banks and leasing companies.

The motto of the event was Awaiting Recovery and a lot of the main trends and current problems of the industry were discussed. The main messages which were formulated during the conference are as follows:

• There is need for a state policy for cheap homes;
• The visa process for holiday home buyers must be facilitated;
• The price and the location are defining when choosing an office;
• The low price of land and infrastructure can develop the industrial property sector.

The conclusions that were made in relation to property prices and trends in the various market segments coincide with the analyses which BULGARIAN PROPERTIES published in the last few months:

• The residential market – currently it is the most active segment in which the client rules. There is a wide choice of offers at great prices as clients can bargain for further decrease of the price.

• The holiday home market – in the last few months prices in this segment fell considerably, especially of beach properties of lower quality and far from the beach. However, prices of properties with prime location and high quality of the construction maintain higher prices. Currently it is buyers from Russia and the former Soviet republics that are the main buyers in the segment. During the conference not enough was said about the ski resorts in Bulgaria where property prices decreased considerably and are now quite attractive and affordable. (Send as an enquiry about the BULGARIAN PROPERTIES’ ski property analysis)

• Currently, in the office segment there is a wide choice of offers and almost no demand on the part of buyers and lessees of such properties. This means that now buyers can make bargain deals and that now is the time the smaller office to be changed for a bigger one at a better location at the same price (Send as an enquiry about the BULGARIAN PROPERTIES’ office and trade areas analysis). Read our advice when buying and renting offices

• For those looking to invest in industrial properties and logistic centers now is the time to research the possibilities for a lucrative deal as already there are owners ready to negotiate lower price offers.

Read more on the topic:

The Crisis Didn’t Bypass Rural Properties in Bulgaria

Properties in Bulgaria 2009: Decreased Prices Lead to Increased Affordability

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