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Will property prices in Bulgaria start increasing by the end of 2010?
The team of profit.bg asked BULGARIAN PROPERTIES whether property prices in Bulgaria will start increasing by the end of the year. Polina Stoykova, the company's Chief Operations Manager, comments that property prices will not increase by the end of 2010.
“We are still witnessing a process of price reduction which in some regions and for some property types is coming to an end. When the real estate market hits the price bottom we expect the demand and the number of deals to increase and not property prices.
Only after that can we talk of a gradual increase of prices that is commeasurable with the GNP growth upon a favourable development of the country’s economy. The property market is directly linked to the economy – for now the expected growth of the GNP for 2010 is minimal – about 0.3%, which also confirms that we cannot expect a growth in property prices this year”, said Polina Stoykova.
According to the data in our analyses, as well as according to the latest data of the National Statistical Institute, there is a growth in the prices of sold properties in some cities. However, I wouldn’t say this is a lasting increase as there are months in which there are more deals with luxury properties which are sold at higher prices and when they prevail this increases the average price at which deals are concluded.
We should also note that this year we do not expect a decrease in the prices of luxurious properties – their prices fell last year along with the decrease of all property prices. However, this process already ended and in 2010 we are to observe actual market segmentation and a correction in the prices only of low-quality properties, with bad location and in need of an overall refurbishment, as well as in the small settlements and rural areas.
The average prices will continue to serve as a reference point for the general market trends but now the trends in the different segments must be looked into more detail, added Ms. Stoykova.
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