19.02.2010 More Buyers Interested in a House in Yambol Region

Delnik Newspaper, Yambol, vol. 31, 16.02.10

According to real estate company BULGARIAN PROPERTIES prices of rural properties in the Yambol area (southeastern Bulgaria) have decreased considerably in the last year – by 21%. If in 2008 the average price of a house in the countryside was 16,300 Euro now it is 12,900 Euro. This means that in the length of a year prices in the area collapsed which means there might be further decrease this year as well.

Meanwhile, thanks to this decrease buyers have shown bigger interest in properties in the area, the real estate agency says. However, this time it is not only British buyers who are interested in the properties but also Russians and representatives of other European nationalities. A lot of Bulgarians are interested as well. This newly-found interest brings hope that prices are nearing their actual levels.

In contrast to the region of Yambol the average price of this type of property in the country was about 14,300 Euro in 2009, as rural property prices have collapsed by 53.5% in a year.

At present rural property prices are similar to those in 2004-2005. What is typical for the region of Yambol is that prices of rural properties are not high compared to the rest of the country. This, however, is not the case in the region of Bourgas where the average price of such properties is 19,700 Euro and in the area of Sofia, where the average price is 19,250 Euro. On the other end are the prices in not so sought-after areas like those of Vidin (7,000 Euro), Montana (4,800 Euro) and Pleven (4,800 Euro). Prices of rural properties in the regions of Kardzhali and Veliko Tarnovo are close to those in Yambol, being 11,300 Euro and 11,525 Euro respectively.

What is interesting is the fact that since the beginning of 2009 prices of rural properties fell considerably which was an obvious sign for a change in the economic situation.

Real estate agents’ 2010 forecast is that property prices will continue to fall, at least during the first half of the year. We might witness a stir on the market at a later stage as we haven’t yet reached the bottom of the economic crisis.

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