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Annual analysis of the Bulgarian real estate market: optimism and more deals on the background of a continuing property price drop
The economic recovery and the economic growth that started at the end of 2010 brought optimism and helped the Bulgarian real estate market make the first tentative steps towards a recovery from the crisis in the first half of 2011. This was backed up by the slowdown of the price decrease, the increase in the number of property deals and the lower interest rates under mortgage loans.
According to data of BULGARIAN PROPERTIES the property price drop based on actual concluded deals continued well into 2011 and this drop was an average of 8% year-on-year. To compare, the average property price drop the company reported in 2010 was 8.3% and in 2009 – 36%.
2011 in numbers:
• 8% average decrease of prices of residential properties* in the country compared to 2010
• 15% increase in the number of concluded deals with properties around the country compared to 2010
• 10% decrease of prices of Sofia apartments. The most sought after apartments are those up to 50,000 Euro
• Decrease in the prices and number of sales in the resort of Bansko
• 6% decrease in the average prices of sold apartments in Sunny Beach and a 20% increase in the number of sales
• Prices of rural houses returned to their 2005 levels, but now there are 90% less deals
• Russian buyers continue to be the most active foreign property buyers
*residential properties include properties in the big cities, holiday homes and rural houses
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