BULGARIAN PROPERTIES' Chief Operations Manager: Offer Prices of Properties Almost Equal those at which Deals Are Concluded

After BULGARIAN PROPERTIES published their analysis of the real estate market in the first quarter of 2010, on April 11th national television TV7 broadcasted a report in which it commented some of the main trends and conclusions of the analysis. One of the main conclusions that were made in the company’s analysis is that offers prices are almost equal to those at which property deals are concluded, i.e. property prices are now quite realistic.

According to BULGARIAN PROPERTIES’ Chief Operations Manager Polina Stoykova potential buyers follow the market very closely and when they come upon a bargain offer they take interest in it. She adds that according to the company experts the self-regulation process on the market should end in the middle of the year but since the beginning of 2010 property prices in the big cities remain stable but the demand is still low. Ms Stoykova also notes that quite a lot of the owners are still not ready to sell at any cost and the supply does not coincide with what buyers are looking for.

Here are a few more of the main points in the company’s analysis:

• Since the beginning of the crisis the decrease of the asking prices of Sofia apartments is 21.4%.
• The decrease in the prices of Sofia apartments based on actual concluded deals is 23% for 2009 compared to 2008, i.e. the disparity in the offer prices and the prices at which the deals are concluded is already minimal.
• March brought higher activity on the market and the number of deals reached a record high since the beginning of the crisis and a growth of 50% compared to the average monthly levels in the last 10 months.
• It is rural properties that the buyers are mostly focusing on, as their prices fell by 53% in the last year. However, prices of rural properties and properties in the small settlements have not stabilized yet and they might decrease some more in 2010.

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Has the Bulgarian property market reached the bottom?

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