Growth in property sales continues in 2Q 2013

Real estate sales in Bulgaria increased by 3.3% in the second quarter of 2013, compared to an year earlier, according to our calculations based on the Bulgarian Registry Agency data. A total of 55,716 property sales were concluded in 2Q 2013, as 30,391 were in the regional cities (55%). The rise in sales in the regional cities is 5.26% on an annual basis.

The three largest cities in Bulgaria - with a double-digit growth in property sales
On the background of an overall slowdown in the sales increase in the second quarter of 2013, the three largest cities in Bulgaria reported double-digit increase, while in Sofia the rate of sales growth has even accelerated compared to the first quarter.

In the capital Sofia the sales increased by 11% year-on-year (while a growth of 8.5% was reported in Q1 2013). This once again confirms that the capital is one of the most popular cities to buy property in uncertain times. In the past 3 months in Sofia a total of 5,087 deals were concluded, while last year for the same period there were 4,585 deals.

The property market in Plovdiv, which was among the leaders in terms of growth in the first quarter of this year, continues to develop more dynamically than in other major cities. In 2Q 2013 the sales in Plovdiv increased by 20% year-on-year.

In Varna the increase in property deals is 10.5% in the second quarter of 2013.

Total for the first half of 2013 the property sales rose by 11% year-on-year, which compensates their decline in the first half of 2012.

More sales of holiday properties
Beach property sales maintain the highest volume of holiday property sales, driven by a high demand by Russian buyers. However, the ski resorts have also seen more interest over the past 3 months, resulting in an increased number of sales in the area of Bansko with 16.5% compared to an year earlier.

A retrospective on sales volumes in Bulgaria
For the first time since 2008 an increase in the property deals was reported in 2011. Then in the first half of 2012, the deals fell by 12% under the pressure of regained crisis sentiments. In the second half of 2012 the increased demand and the purchases of holiday properties led to a compensation of the decrease in the number of deals and the year ended with a decline of only 2%. So far, since the beginning of 2013 the trend has been positive and we expect an overall increase in 2013 as the market has started to recover from the crisis.

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