Registry Agency: Number of Property Deals in Bulgaria Increase
According to the recently published data of the Bulgarian Registry Agency for the sales of properties in 1Q and 2Q of 2011 for the first time since the beginning of the crisis the number of concluded property deals is increasing. BULGARIAN PROPERTIES announced similar data in our analysis of the last quarter as we interpret the increase in the number of sales as the first positive signal for the beginning of recovery of the real estate market. That is also what we expected and forecasted for 2011 – the number of sales to start increasing at relatively stable prices.
According to the data of the Registry Agency the number of realized property deals has increased by 48% in the 2Q 2011 compared to a year earlier, as in the 1Q 2011 the annual increase in the number of deals was twice as less – 23% which means the last quarter was the most successful for the Bulgarian property market since the beginning of the crisis. There is a record growth in the number of sale in the 2Q 2011 compared to the 1Q 2011 – the volume of deals has rocketed by 92%.
In total, property deals in Bulgaria have increased by 38% in the first half of the year compared to the same period in 2010, as the increase in the number of deals in the regional cities is 32%. The number of concluded deals with properties in Sofia has increased by 15% in 2Q 2011 year-on-year and has almost doubled compared to the previous quarter.
The biggest increase in the number of realized sales is to be found in Northwestern Bulgaria in the regions of Vidin, Montana, Lovech, etc, around Dimitrovgrad and in Northeastern Bulgaria. This is mainly due to the great number of agricultural land deals. The main buyers are farmers, investment funds and individual investors.
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