29.09.2010 Almost Quarter of Properties for Sale with Discounted Prices

Polina Stoykova, Chief Operations Manager, BULGARIAN PROPERTIES

According to data from the property sites BULGARIAN PROPERTIES and LUXIMOTI after the dynamic property price correction in the second half of 2009 the discounts in the asking prices in 2010 are minimal. Moreover, most of the new offers for sale come to the market at their actual market prices. This shows that there is a complete cycle of price decrease which started at the end of 2008 and continued for about a year and a half.

According to the data the share of the discounted offers in the country at the end of September 2010 is 24% of all active offers on the sites of BULGARIAN PROPERTIES and LUXIMOTI. For comparison – in the beginning of 2010 this percent was 18, i.e. there is an increase of only about 6% in the number of discounted offers for the first 9 months of 2010. It is mainly prices of properties which were overpriced in view of the current market conditions that are discounted.

The matter with the price decrease is similar – if in the beginning of the year it was 20% on average by September the market dropped only by 2% more. For the capital Sofia and for Varna this percent was a little higher – about 5% for the first nine months. Thus the total property price decrease in Sofia reached 22%, as in the beginning of 2010 it was 17%.

From the data from the two sites it can be concluded that the slowdown of the pace of the discounts in the asking prices in 2010 is very clear. The market found a balance and at present everyone is waiting to see whether there will be signs of an increase in the number of the deals which will be a signal for recovery. There are also quite a few offers which were withdrawn from the market – they were tested at a specific price and after no deals were made they pulled out for now.

View all our DISCOUNTED PROPERTIES

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