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Property Prices in Bulgaria Reach Balance Point
The worst on the property market in Bulgaria is now over. Although there are no convincing signals for the beginning of a recovery yet there is room for optimism. After two years of crisis property prices found their balance point. Prices of real estate are at their lowest point. The exception is the industrial land and rural houses where demand is limited and prices are still dropping. These were some of the main conclusions real estate experts came to during a discussion forum held in Sofia at the beginning of November.
The last two difficult years have had a big positive effect in the market, experts agree. The reason for that is that all the mistakes the players in the sector made became obvious. The most important thing builders, investors and architects learned from the crisis is that whatever they do from now on must be of high quality.
According to the experts the residential property market did not come to a halt in the crisis. Moreover, lately the segment has been more dynamic. The number of buyers is increasing gradually and in time the big supply will be absorbed, experts forecasted. This year property prices remained stable; there are minimal drops which will most probably be under 10%.
The office and commercial property segment is also more dynamic now. Proof of that is the total of 3.37 million sq.m. of projects around the country which were restarted. Analyzers underscored that what buyers demand is good quality. That is why there will be a further price decrease only for those sites which do not comply with present requirements.
Although now all branch representatives are optimistic about next year the future will not be bright for all projects. One of the pessimistic forecasts is about the sale of off-plan properties which no longer have a place on the market. What is expected is developers to use financing from banks as buyers are now looking for a finished product. Big commercial sites will also probably not be built in the next 5 years. However, there might be a boom with production sites.
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