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BULGARIAN PROPERTIES' Analysis: Sofia Property Prices Continue to Fall - November 2009
It has already been a year since the Bulgarian real estate market was officially hit by the crisis. According to the analysis of BULGARIAN PROPERTIES October 2008 was the last active month before the crisis brought half a year of decrease in the number of deals on the real estate market followed by a decrease in prices.
Here is the latest data of BULGARIAN PROPERTIES* about the current state of the market a year after the beginning of the crisis:
• 35% decrease in the number of concluded deals in the country in October 2009 compared to October 2008.
• 40% decrease in the number of deals for the first ten months of 2009 compared to the same period in 2008.
• 38.5% decrease in the average price of concluded deals with residential properties in Sofia in 2009 compared to 2008.
• 30% decrease in the rental prices of commercial properties (offices and shops) in Sofia and Varna.
• Over 50% decrease in the prices of Bansko apartments.
• 53% decrease in the average price of rural properties around the country.
• An increasing number of offers with discounted prices
*The data is based on actual concluded deals and offers for sale and rent of BULGARIAN PROPERTIES
October has always been the most active month on the real estate market from the last quarter of the year as well as one of the most successful months during the year. The overall activity on the market in October 2009 was 31% higher compared to September 2009 regarding realized deals making it the second most active month in 2009 after June.
If you wish to read the full analysis of Sofia property prices, please click here.
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