BULGARIAN PROPERTIES’ Chief Operations Manager on bTV: Negative Economic Forecasts Influence the Bulgarian Property Market

BULGARIAN PROPERTIES’ Chief Operations Manager Polina Stoykova gave an interview for private national TV channel bTV on July 6th in connection to the company’s analysis of the real estate sector for the second quarter of 2010.

In the interview Ms Stoykova commented that after the first significant price decrease on the property market prices remained stable and in the beginning of 2010 there was a growth in the number of deals of the company.

At the end of 2008, with the beginning of the crisis, property prices in Bulgaria literally collapsed. Only in a year apartment prices fell by almost 25% and prices of rural properties and holiday homes – by 50%.

”In May all the negative economic and political forecasts had a negative impact on the number of property deals which decreased by about 60% on a monthly basis. In June the deals were more but this shows a hesitation of the market,” added Polina Stoykova.

This makes experts talk of a possible second bottom of the real estate market in Bulgaria. Their forecasts are that if there are negative trends in the economy after 3-4 months we might witness a second price decrease.

”I think that if there is a price drop it will be felt most in the holiday home and rural home sector as prices in the big cities like Sofia and Varna will be more stable,” explained Ms Stoykova.

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