The Property Market Is Stable, but There Are No Clear Recovery Signs
In its November 2010 issue the magazine Imam Imot published an article with the 3Q real estate analysis of BULGARIAN PROPERTIES drawn up by the company's Chief Operations Manager Polina Stoykova.
Two months before the end of 2010 we can summarize that this year is turning out to be а zero point for the Bulgarian property market as there has been no significant change in the number of deals, in the prices of sold properties or in the listed properties compared to 2009. This is what the data of real estate agency BULGARIAN PROPERTIES show for the period July-September 2010.
Of course, this year is very important for the market – the reaching of a balance and stability is an important moment, especially after the years of property boom followed by a significant decrease of property prices in 2009. From this point of view 2010 was like a breath of fresh air for the players on the market who had time to get used to the new market realities, to think, to make decisions and to develop action strategies. After the contradictory signals the real estate market gave in the second quarter of the year the number of deals returned to the balance levels from the second half of 2009.
However, the number of deals did not manage to return to the levels from March and April 2010 which according to BULGARIAN PROPERTIES data were record months since the beginning of the crisis.
Different trends are observed in the various market segments – from retention and increase in prices and number of deals to decrease. There are still no convincing and clear trends showing the beginning of a recovery, which once again shows that the market’s coming out of the crisis will most probably be a long process. According to BULGARIAN PROPERTIES the main trends in the third quarter of 2010 can be summarized as follows:
- An increase in sales in Sofia compared to the summer of 2009. The average price based on actual concluded deals is 840 EUR/sq.m. The price decrease compared to the second quarter of 2010 is 3.5%.
- Increase in the number of sales in the regional cities like Bourgas, Plovdiv, Veliko Tarnovo, etc. These markets were stagnated since the beginning of the crisis and sales were made mainly in the capital Sofia.
- Increase in the number of sales of beach holiday homes by 20% compared to the summer of 2009. There is no change in the prices and the preferences of the buyers compared to last year and to the previous quarters of 2010.
- Regarding rural properties there is a decrease in the number of realized deals by 13% since July compared to the same period in 2009. Prices of rural properties have dropped by 20% compared to the second quarter of the year when they had registered an increase.
If you wish to receive the full analysis on your e-mail please click here
Read more news
Street Food & Art Festival is a new concept for an urban festival, its organizer Nikolay Todorov told Focus Radio.
The festival, held with the support of Burgas Municipality, is taking place in Burgas. More than 15 of the Best Street Food culinary artists in Bulgaria have been invited, Todorov said. "We are talking about mobile kitchens, kitchens on wheels, caravans, campers, truck... read more
An early Byzantine church, 20 by 10 meters in size, made from rock blocks and brick layers, with a floor lined with ceramic tiles has been discovered by archaeologists.
It has two entrances on the south and west sides and an interesting altar section, as it had benches where clergymen were sitting, as well as a bishop's throne in the central place, Professor Hitko Vachev said. He a... read more
For the 23rd time the International Fair of Crafts and Arts “Bulgarika” will become a venue for a big number of artists and craftsmen. In the period August 1– 21, some of the best artisans in the fields of fine and applied arts, crafts and music will participate in it. Traditionally, the audience will actively participate in the fair as they will be able to take part in crafts or arts workshops or... read more
Until the end of August, the village near Plovdiv is once again hosting Staro Zhelezare Street Art Village Festival.
The village itself has no more than 400 inhabitants. Every year the people behind this project – artists Katarzina and Ventsislav Piryankovi and students of theirs from Poznan, Poland, transform the place, painting and drawing on the walls of houses and fences.
... read more