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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Here are the present market trends which mark the start of a new beginning for the property market in Bulgaria:
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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.
High activity during the first 3 months of the year and acceleration of the price growth to about 4% on an annual basis. This is how the real estate market in the Bulgarian capital of Sofia developed until mid-March, when the state of emergency was introduced and many economic activities where put on hold.
Average Prices and Annual Change
In the first quarter of 2020...
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