07.07.2011 Analysis of the Bulgarian Property Market 2Q 2011
Polina Stoykova, Chief Operations Manager, BULGARIAN PROPERTIES
In contrast to 2010, when property prices dropped by about 10%, 2011 witnesses an average decrease of 5% in prices of different property types. The good news in the last few months is the increase in the number of concluded deals which is the first long-awaited positive signal for the beginning of the recovery of the Bulgarian property market.
In the first half of 2011 the most dynamic markets were those in the capital Sofia and along the Southern Black Sea coast. The market in Sofia is driven solely by Bulgarian buyers and the seaside market – almost entirely by Russian buyers. According to BULGARIAN PROPERTIES data sales in these two areas make up 40% of the total number of sales in the country, which makes them the trend-setters on the residential market and in the holiday home segment.
Highlights of the last quarter:
• An increase in the number of concluded deals in Sofia, a 5% drop in the prices of apartments sold in the capital year-on-year and a 2.5% increase in prices compared to the previous quarter
• A more dynamic holiday home market focused mainly in and around the resort of Sunny Beach and deals with apartments priced between 450 and 850 EUR/sq.m. mainly with Russian buyers
• Almost no interest in the ski resorts and a continuing price drop of Bansko properties
• A decrease in the prices of rural properties of 6% compared to the previous quarter
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