BULGARIAN PROPERTIES: The Bulgarian Property Market in 2009 - Latest Figures, Overview and Future Trends

2009-12-11   |  Polina Stoykova, Chief Operations Manager, BULGARIAN PROPERTIES

The latest analysis of BULGARIAN PROPERTIES of the Bulgarian real estate market shows that November 2009 was much more dynamic than expected.

The total number of deals BULGARIAN PROPERTIES realized in the country is only 15% less compared to October. This result differs from previous years when the number of new deals in October was always much higher compared to November.

According to BULGARIAN PROPERTIES the most important events on the market in 2009 – a year after the beginning of the crisis, are as follows:

• 40% decrease in the number of concluded deals in the country for the period January-November 2009 compared to the same period in 2008;
• 32% decrease in the average price of concluded deals with residential properties in Sofia in 2009 until the end of November compared to 2008 (65,400 Euro in 2009 compared to 96,200 Euro in 2008);
• 13% decrease in the rental levels of residential properties in Sofia (for the period January-November 2009 compared to the same period in 2008) and retention of the rental levels in Varna;
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 and 30% decrease in the prices of Sunny Beach apartments;
• 35% decrease in the average price of rural properties around the country for the period January-November 2009 compared to the same period in 2008.
• An increasing number of offers with discounted prices.

According to the company in 2010 the property market will continue to follow directly the development of the country’s economy so when the economy starts coming out of the crisis the real estate market will start recovering as well.

If you wish to read the full analysis and the 2010 forecasts, please click here.

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