BULGARIAN PROPERTIES’ Veliko Tarnovo Regional Manager in an interview for Focus Radio

BULGARIAN PROPERTIES’ Regional Manager at Veliko Tarnovo Office Stefan Konsulov was recently interviewed for the Focus radio.

Veliko Tarnovo region has always been famous with its good real estate market. Since the beginning of the year there were not significant changes in property prices. Will there be any changes in prices of homes during the summer? Foreigners or Bulgarians are more frequent property buyers in the area and what causes it? Is there an increased interest in rural properties in the last year? Who usually buys houses in small settlements?

Radio presenter: Do the sales of properties increase or fall in the region of Veliko Tarnovo?
Stefan Konsulov: Our clients are mainly foreigners - Russians, Britons and people from all over Europe. In the recent months, since the beginning of the year the Russian clients are slower in taking decisions on properties. Most probably this is because of the events in Ukraine. At the moment the Russians are sending inquiries only but are not making decisions to buy properties. Another interesting fact isthat the English customers return. They were not on the real estate market for several years, but now they show interest again.

Radio presenter: Where buyers purchase properties most often - in the city or in smaller settlements?
Stefan Konsulov: They buy everywhere. Bulgarians are interested mainly in city properties for their own usage. There are people who think about the future, they are currently working abroad, but invest in city apartments. The small towns attracts the foreign buyers - Russian and British citizens and the nature around Veliko Tarnovo is the main factor for this. The town of Veliko Tarnovo attracts clients as a cultural centre and as an interesting place to stay.

Radio presenter: Are there any areas in the city that are more interesting for property buyers?
Stefan Konsulov: Of course, the city centre attracts the greatest interest and the prices are highest there. There are a large number of deals in the neighborhoods as well, especially in those parts that have adequate infrastructure, all communications and new buildings.

Radio presenter: Do you expect to be any change in prices during the summer?
Stefan Konsulov: We have not seen any change to that day. There are no factors that influence the prices upwards. Of course, any decrease in the price of a property facilitates its sale and leads to more potential buyers.

Radio presenter: What kind of properties are on demand in Veliko Tarnovo?
Stefan Konsulov: Mostly apartments. This trend has been kept steadily during the recent years. Most often the buyers are looking for one-bedroom apartment with an area of 50-60 sq.m.

Radio presenter: Are foreigners interested in the condition of the property that they buy?
Stefan Konsulov: They have all kinds of options. Some of them want to purchase properties that need a complete repair, but there are clients who want to buy ready to move in properties, even with furniture. The finished and furnished houses on the market are sold mostly by foreigners, these are the so called resales. These properties are sold by Britons who have bought those years ago and now they are selling fully finished properties in which you can move in immediately after the deal. Many of these houses are indeed good offers. They are sold often at a price that is much lower than the true cost of the property. They are bought mostly by Russians.

Radio presenter: Which are the small settlements in the region of Veliko Tarnovo with a largest number of deals?
Stefan Konsulov: There are a lot of places in the region, which attract the interest of the buyers. In the regions of Gabrovo, Dryanovo, Tryavna are located a lot of beautiful villages, which provoke the interest of the investors. As I said the nature of Veliko Tarnovo attracts property buyers.

Russians buy property mostly near the sea. There is really very strong Russian presence there. There are villages and complexes in which live mainly Russians. Those who are looking for property inland are here for permanent residence. You know that the sea is nice during the summer, but is not that appealing during the winter. People who buy property on the sea use them mainly during the summer, while the inland property buyers are mainly nature lovers and use their property year round.

Radio presenter: Is there an interest in renting a property in Veliko Tarnovo?
Stefan Konsulov: Yes, there is an interest, especially, to rent fully furnished apartments, mainly in new buildings with all facilities. There is an interest from both young Bulgarian families and foreigners, people who work here or just want to live for a while in Veliko Tarnovo before purchasing a real estate property here. The interest in renting apartments is great. It is hard to find quality properties available in the city. These properties are immediately rented out. There is no tendency for changes in the rental levels in the town, on the contrary, they kept a stable and good level. Landlords are relatively satisfied with the income that they receive. For the size of the town both supply and demand, rental prices are above average.

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