2009 - Buyers' Market with Reasonable Prices
The new 2009 will be a very interesting and dynamic year on the Bulgarian real estate market. We at BULGARIAN PROPETIES forecast that the overall situation on the market will change and the investors and real estate companies will face serious challenges which, however, could reveal interesting possibilities if approached in a sensible and pragmatic manner.
It would not be right to make an explicit forecast for the 2009 property prices as there are numerous factors like bank lending, the labor market situation in the country, people’s psychological state resulting from the financial crisis, etc. all of which influence the real estate market.
We expect to receive a clearer picture of how these processes will develop in the first couple of months of 2009 after which the market trend could be analysed in more detail.
For 2009 BULGARIAN PROPERTIES’ forecasts show that
• Real estate prices will not increase. It is more likely that the quality properties will keep their current price levels while we expect that the prices of poor-quality properties, properties with bad location, the concrete residential buildings and some of the holiday homes will decrease slightly.
• Clients will become more and more exacting regarding the quality and parameters of the type of property they seek.
• Sellers will be much more inclined to make discounts to those clients who intend to buy.
• Construction of new buildings will be reduced to a minimum and those developers who remain on the market will be very few.
• The market will function in favor of the buyer and the sellers will be more disciplined.
What is certain is that 2009 will be very different from the previous years on the Bulgarian real estate market and will lay the foundations of a more professional and mature stage of the sector’s development.
For personal consultation and advice you can contact us via e-mail or call us at +359 2 868 1188.
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