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BULGARIAN PROPERTIES' Chief Operations Manager: Real Estate Prices will Fall About 2% in 2011
Interview with Polina Stoykova – Chief Operations Manager of BULGARIAN PROPERTIES, shown on the news of TV Evropa on September 6th 2011.
According to the data of the Bulgarian Registry Agency the number of property deals in the first half of 2011 has increased by some 50% compared to the same period in 2010. However, despite the increased demand experts say housing prices will continue to drop and the market remains unstable. The expected price drop in 2011 is 2% year-on-year.
According to Polina Stoykova this is so because the market has gained momentum, it attracts local and foreign buyers – mainly Russians – and if there are any abrupt changes and fluctuations they would be felt next year.
Experts explain the increased property demand with lower housing prices, decreased interest rates and the optimism for the country’s economic recovery. Analyzers claim that the downturn in the sector continues the same amount of time the property boom lasts.
Ms Stoykova comments that may be next year will not be so positive but she expects the market to become more stable and prices to start increasing gradually in the medium term. According to her many of the developers have understood that they do not gain anything by offering residential homes at high prices and they are now willing to reduce prices considerably. Moreover, asking prices and prices at which deals are concluded are now converging more and more.
According to research the average price of a residential home in Sofia is 850 Euro per sq.m. while prices of holiday homes have plummeted and a square meter of a furnished apartment can be bought for as low as 500 Euro per sq.m.
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