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Is Bulgaria's property market turning a corner?
There are indications some sectors of Bulgaria's real estate market are beginning to recover, albeit slowly.
A report by Global Property Guide highlighted Sofia as one of the few places in the country to see average home prices rise, citing figures from the National Statistics Institute (NSI) which revealed values were up 0.8 per cent over the year that ended in the first quarter of 2012.
However, the picture for Bulgaria as a whole is not quite as bright, with national property prices sliding by 4.3 per cent in the same period, the NSI figures showed.
According to the news provider, this still represents an improvement, as real estate values were previously declining more sharply.
A recent article in the Bulgaria property and lifestyle magazine Quest pointed out there are several reasons to be optimistic about the prospects for the nation's housing market - particularly following a change in the law.
From January 1st this year, it became possible for foreign nationals from the EU to own land and real estate in Bulgaria. Previously, any overseas purchasers had to conduct the transaction through a company.
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