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BULGARIA HOME PRICES OUTSTRIP FORECASTS
Residential property prices rose 10-15% in January and February 2007, a growth rate previously expected to be achieved over the full-year period, said local realtors. The market seems to have skipped the traditional January lull and business is as dynamic as December, said an owner of a real estate agency which operates exclusively in Sofia.
The momentum from the back-end of 2006 has carried over into the first months of 2007. The realtors said the buyers were still keen to take advantage of Bulgarian property prices which continue to lag EU levels. The same argument is used by sellers to jack up their price offers.
The experts concur there will be no downward correction in 2007 due to strong demand. According to some real estate agencies, homes have added 6-8% in eight of Sofia's residential districts. In addition to homes in the city center, the biggest increases were recorded in Krasno Selo and Lyulin.
Home prices in the center of Burgas rose from 800 to 1,000 euro/sq m. Brick and newly-built apartments in Varna have appreciated by 5% so far in 2007. The price of pre-fab homes in Sofia, Varna and Burgas is unchanged from the end of 2006. The local banks are adding to the pressure on home prices with the marketing of various lending and otherwise incentives. According to the lenders, they finance 80% of homes buys.
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