BULGARIAN PROPERTIES: Rural Property Prices Down by 35%

Prices of rural properties have gone down by 35% in the first quarter of 2009 compared to the same period in 2008, shows an analysis of the property market drawn up by Bulgarian Properties. The average price of rural properties in the country is 19,890 Euro, as in the villages around Sofia it is 16,230 Euro and in the area of Varna - 38,200 Euro. The company has registered a big decrease in the number of concluded deals compared to last year – 36%.

The decrease in the interest in rural properties started last year when the foreign buyers looking for a permanent home started to gradually withdraw. Until the end of 2007 the prices of rural houses were increasing as according to brokers in some regions they increased fourfold in 5 years.

According to Bulgarian Properties the interest in rural properties continues to be focused mainly on houses around Sofia, Plovdiv, Bourgas, Varna, Stara Zagora and the other big cities around the country. There is big interest in houses close to Veliko Tarnovo as well. The company also points out that foreign buyers continue to be interested in properties around the towns of Vidin, Elhovo and Montana and lately also around the town of Pleven. “Bulgarian buyers are ready to buy a rural house,” Bulgarian Properties comment.

Prices of holiday homes have also decreased, the analysis shows. Now there are offers for furnished apartments in Bansko at 600 EUR/sq.m. The data also show that now buyers are avoiding buying off-plan properties as 75% of the realized deals are for finished and even furnished apartments. In February there was greater demand for ski resort properties while in March it is the demand for seaside properties that is starting to increase due to the upcoming summer season.

As a whole there is an increase in the supply of all types of properties but sellers are still demanding high prices, the analysis states. According to the analysis the viewings have increased fourfold and the number of concluded deals has decreased compared to the first quarter of 2008.

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