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Polina Stoykova on NOVA News: Now is a very good time to sell a property in Bulgaria

2023-08-03   |  NOVA News

The Managing Director of BULGARIAN PROPERTIES Polina Stoykova MRICS was a guest on the program "Your Day" with host Laura Indzhova on NOVA News.

She commented on the current trends in the Bulgarian residential property market in relation to the data released by the National Statistical Institute.

According to Polina Stoykova, although transaction volumes increased in the second quarter compared to the first quarter of the year, there was a decrease compared to the previous year. It varies between 10 and 15% in different regions of the country, even reaching up to 20% at the sea. 'It makes more sense to compare transactions on a year-on-year basis, as the first quarter is traditionally weaker economically,' she explained

'But we have to make the clarification that in 2022 we had a strong growth in transactions. That is, we are comparing to a peak period. Rather, we are now returning to a normal rhythm in the market.'

'There has also been a slowdown in the rate of price growth, from over 20% last year to 10-15% this year. There is no decline in demand, there is even a large portion that remains unsatisfied. People who are looking to buy to own their own home have returned to the market and they are the main driver of the market. In the past year, they had pulled back and waited due to the expectation of interest rate hikes, which in practice have not materialized to date.

As well as being a good time for those looking, it is a good time for those selling property. Prices have peaked, there is demand,' she explained.

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