650 Euro/sq.m. in Bansko Stir the Bulgarian Ski Property Market

2010-02-15   |  deltanews.bg, 15.02.2010

The real estate agency BULGARIAN PROPERTIES registers a considerable stir on the ski property market in Bansko.

The average price of the apartments sold by the company in January 2010 is 38,000 Euro, as it is the same as in December 2009. The decrease on an annual basis - in 2009 compared to 2008 when the average price was 66,000 Euro – is 41%.

“With prices starting from 650 Euro/sq.m. more and more Bulgarians use the possibility to buy a good holiday property in Bansko. Foreigners are also quite active”, says Polina Stoykova, the agency’s Chief Operations Manager.

According to Ms Stoykova the most sought properties are new apartments, not bigger than 50-60 sq.m., with as many extras as possible in the development where they are located – a parking space, a restaurant, a gym, a swimming pool, SPA procedures, a tennis court, etc.

“In January 2010 the interest in the resorts of Borovets and Pamporovo remains low”, real estate agents say although there are offers in Pamporovo starting from as low as 500 Euro/sq.m.

“Property prices in Borovets have not decreased by more than 10-15% on an annual basis, so there are no deals and it is difficult to make comparisons”, BULGARIAN PROPERTIES experts say.

However, prices of rural properties returned to their levels from five years ago, agency data shows. In 2009 the decrease in the number of deals with rural properties is 41% compared to 2008 (after a decrease of 43.5% in 2008 compared to 2007).

It is exactly the low prices that restored the interest of the buyers in cheap rural properties. However, this time it is not only the Brits who are interested in buying a rural home, but also many Bulgarians, Russians and representatives of various nationalities from around the world, experts explain.

The greatest price decrease is registered in the villages around the capital Sofia (19,250 Euro – 35%), Varna (14 800 Euro - 53%), Bourgas (19 700 Euro - 32%), Kardzhali, Vidin and Montana – these are the regions where property prices increased considerably in the last few years. There is a price decrease even in the area of Veliko Tarnovo – 11,525 Euro or 19%.

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Has the Bulgarian property market reached the bottom?

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