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05.01.2012 Properties in Bulgaria remain in state of weightlessness

Trud Daily, 04.01.12, p.20+21, excerpt

Relatively few deals on the property market – similar to the previous year, possibly a slow but steady price drop and demand for cheaper homes. This is what real estate agents in Bulgaria forecast for 2012.

Specific forecasts are difficult to make, says Polina Stoykova, Chief Operations Manager of BULGARIAN PROPERTIES. According to her this is due to the insecurity connected to the sovereign debt crisis and Europe’s future. It looks like 2012 will be a tough year and both the economies and the markets will face quite a few challenges.

According to the company’s data in the last few months the property market has maintained a relatively stable volume of deals, similar to the same periods in 2010. The changes in property prices are minimal. This means the market has set at “crisis levels” which are stable for now.

It is possible that in 2012 property prices will continue to be in a state of weightlessness and due to the lower demand and negative economic expectations they might continue to fall slowly but steadily, comments Polina Stoykova. On the other hand, at present the market has already reached a balance in the separate price segments at which deals are concluded and these levels might remain relatively stable. However, it is expected that the asking prices and the prices at which deals are concluded will converge more as there still is a big difference between them.

If the sovereign debt crisis problems start being solved, even at the cost of a slower economic recovery, and if there are no big shocks and changes, the number of deals in 2012 will retain their “crisis levels” from 2010, BULGARIAN PROPERTIES say. As in 2011, buyers will continue to look mainly for cheap bargain properties. The most active buyers will continue to be Bulgarians and Russians, in the residential and holiday home segments respectively.

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