Stable property market and return of investments in the sector

“The property market is stable and people buy more properties as an investment” – this is the shared expert opinion of the panelists from the “Real Estate” panel of the sixth economic forum “The Sound of Money” that took place on 12-13 May in Sofia.

“People are more willing to buy properties as an investment and the confidence in the property market is back compared to a year ago. Real estate assets took the place they deserve as an important part of the portfolio of every household” according to Polina Stoykova MRICS, Managing Director & Head of Research of BULGARIAN PROPERTIES who was one of the panelists at the forum.

“This year we can see an increase in property prices around 3-5% in Sofia. Last year, the data from the National Statistical Institute indicated an increase in the property prices of around 1% for the country on average and around 3% for Sofia” added Stoykova.

The positive trends in the property market have been a consequence from the decrease of mortgage interest rates. “The low credit interest rates now, compared to a few years ago, are an additional motivator for the buyers” according to Alexander Bochev, manager of one of the Sofia real estate agencies.

“It is important to make the difference between making a purchase for residential needs and as an investment. When the property is for our own residential needs, we often buy with our hearts and it is possible to make compromises with some things, provided we like the property and think it is ours”, he added.

Improvement in the high-end and luxurious property market can also be seen. “More and more Bulgarians are making enquiries for luxurious properties in Greece, which we have not seen in recent years, with budgets, exceeding 1 million Euros” said Nicola Stoyanov, Managing Partner of LUXIMOTI – an agency specialized in the high-end property segment.

“European buyers have increased their property purchases in Bulgaria and this trend will continue” according to Stoyanov. “I expect a strong comeback of English-speaking buyers to the vacation property market in Bulgaria, mainly from the UK” added the specialist.

His opinion was also supported by Polina Stoykova: “There is a huge potential because English people have a very positive attitude to our country. There are people who came here in the 80s and 90s and remember good things. There are also many others who come here to the beach and ski resorts regularly and are looking to buy their own holiday homes here. Besides, the prices in Bulgaria are a huge factor. There is no other country in Europe that can compete with Bulgaria in terms of property prices, so actually Bulgaria offers the best prices in Europe.”

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