Bulgarian property on the Rebound
2014 was a good year for Bulgaria's real estate sector, with investment picking up as prices hit the bottom of the market.
Demand for properties in major cities is set to continue during 2015, particularly in the commercial real estate market, on the back of a record year for foreign investment in Bulgaria. Deals involving offices, malls, hotels and plots of land reach record volumes, contributing €239m to the Bulgarian economy in 2014, according to research by Cushman & Wakefield.
Demand for commercial real estate in Bulgaria saw major growth last year, largely due to recovery in its property market and the opportunity to acquire quality assets at rock-bottom prices.
Prices are currently at levels from 10 years
Polina Stoykova, managing director of Bulgarian Properties said: "An important element of the new market reality is the return of confidence in the property market. More and more buyers are thinking of buying property because real estate is a safe real asset and good investment. This understanding coincided with a very favourable moment in the property market development because real estate prices are currently at levels from 10 years ago and respectively, the properties are much more affordable. We could also add to the picture the improved mortgage conditions now offered by the banks".
Bulgaria's property market recovery is set to continue through 2015 with growing demand and weak supply due to limited new construction giving buoyancy to the sector.
Polina Stoykova expects the real estate market to be driven principally by Bulgarian buyers in 2015, including the segments that were traditionally dominated by foreign buyers such as property by sea and ski resorts. "We also notice a noticeable increase of interest to properties in Bulgaria by British buyers and we expect this trend to evolve in 2015," she said.
Apartments in Bulgaria's largest cities and resort areas will remain the prime target for both Bulgarian and foreign investors in 2015. Property prices in the country are expected to stabilise and see modest growth as Bulgaria consolidates its recovery during the year.
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The average selling price of residential properties in Bulgaria's capital Sofia increased by 4.0% on an annual comparison basis in the first quarter of 2020, local company Bulgarian Properties said.
The average price of dwellings in Sofia reached 1,120 euro ($1,219) per sq m in the first quarter, the realtor said in a quarterly property market analysis published last week.