BULGARIAN PROPERTIES took part in a discussion with leading real estate agencies
The Executive Director of BULGARIAN PROPERTIES Mihail Chobanov and the company’s Chief Operations Manager Polina Stoykova took part in a discussion organized by Imam Imot magazine on December 14th in Sofia, which was attended by representatives of the biggest real estate agencies in the country. The topics discussed were related to the market trends, real estate prices, the effect of the crisis on the different segments, the role of the state and the banks and the expectations for 2010.
The experts in the branch agreed about a few main conclusions related to the Bulgarian real estate market for the passing year:
• The market underwent corrections, regulated itself and the unprofessional builders, mediators and speculative buyers dropped out;
• Real estate prices dropped by about 30-35% on an annual basis;
• Properties of lower quality are sold at lower prices compared to properties with similar parameters but of higher quality of the construction, design and execution;
• The buyers are the leading party during the negotiations and sellers are more flexible and ready to negotiate the price;
• Banks follow a restrictive lending policy and have serious requirements to credit holders.
Mihail Chobanov stressed that in the last 6 months there is a stable volume of new deals every month and offer prices continue to fall. Every month is different regarding the dynamics and the active buyers are different, i.e. the market is still quite unpredictable and we should probably expect a few more rough months. As for the market’s recovery with regard to a higher number of deals it could be expected to begin in the second half of 2010.
Regarding residential complexes in the big cities around the country – the migration from the smaller settlements to the big cities continues and this means there will be demand for properties in the big cities in the future as well. The supply of such properties, as big as it may be, doesn’t look so big on the background of the people’s housing needs. We can add that a large part of the Bulgarians still live in old homes and one day they will change them with newer properties of higher quality.
Prices of holiday homes dropped fastest and respectively the interest in them started to return earlier – now there are very attractive prices and a lot of Bulgarians already own a holiday home in Bulgaria.
Selection of Sofia Apartments at Prices under 800 EUR per sq.m.
View our BEST BARGAIN properties
View our DISCOUNTED PROPERTIES
Read more news
Music, cinema and dance, free from their academic frames and presented as momentary impulses and inspiration. This is the sixth edition of “180° Laboratory for Innovative Art” – 2019, which brings together young artists from around the world.
The festival, which focuses on experimental approach and exploration of non-standard models of expression, will this year mark the 100th anniv... read more
The ambition to study Bulgaria’s language, traditions, past and present brought together people from four continents in Veliko Turnovo for the 42nd international seminar in Bulgarian language and culture organized by the St. Cyril and St. Methodius University of Veliko Turnovo, the Ministry of Education and Veliko Turnovo municipality. The forum opened on 15 July and will end on 4 August.
<... read more
Wizz Air, the largest low-cost airline in Central and Eastern Europe, welcomed 1 new, highly efficient Airbus A320 in Bulgaria and launched 6 new routes from Varna. The new destinations from the sea capital are Berlin, Cologne, Copenhagen, Hamburg, Liverpool and Paris, with the first flights from Varna to Copenhagen, Hamburg and Berlin. With new destinations, the ever-growing WIZZ network in Bulga... read more
Victor Yankov: I hope that in 5 years people will still remember what happened in Plovdiv in 2019
In the past six months, since Plovdiv became European Capital of Culture, this Bulgarian city appeared on the European map with small, slow, yet steady steps, without blowing its own horns. Since the beginning of 2019 we managed to send key messages and enter the big European dialogue. ... read more