BULGARIAN PROPERTIES' 2009 Annual Analysis of the Real Estate Market in Bulgaria

BULGARIAN PROPERTIES published its 2009 annual analysis of the Bulgarian real estate market and made its forecasts for 2010. According to the company 2009 in numbers looked as follows:

• 36% decrease in the average property prices in the country compared to 2008;
• 40% decrease in the number of realized sales compared to 2008;
• 23% decrease in the average prices of apartments in Sofia and 55% annual decrease in the number of deals in the capital;
• 22.5% decrease in the average prices of apartments in Varna;
• 41% decrease in the average prices of apartments in Bansko compared to 2008;
• 40% decrease in the prices of apartments in Sunny Beach and the other southern Black Sea resorts;
• 53.5% decrease in the average prices of sold rural properties.

Main accents during the year:
• Continuous process of decrease in the properties’ prices;
• Conclusion of deals upon negotiation of prices lower than those announced;
• Demand and interest only in bargain offers;
• Limited bank financing as most purchases were cash ones.

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Has the Bulgarian property market reached the bottom?

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© Bulgarian Properties Ltd. 2010

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