10.11.2010 The Property Market Is Stable, but There Are No Clear Recovery Signs
Imam Imot Magazine, November 2010, excerpt
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
The island of Saint Anastasia will welcome guests with folk rituals for health and fertility in the first edition of the "Bile Fest", a heraldic festival, announced Burgas Municipality.
More than 50 participants will take part in the event with herbs and healthy foods, curative extracts and ointments, and will show the authentic ways of preparing them.
The accompanyin... read more
Bulgaria returns to the top 10 of the overseas property buying sites in 2019 in the UK aplaceinthesun.com rating platform, quoted by the newspaper "Bulgarian News". Bulgaria ranked ninth place in the chart preceded by Turkey, Florida, Cyprus, Italy, Greece, Portugal, France and Spain. Barbados, also a new country on the list, ranked the tenth place.
"It may be the European Union’s p... read more
According to preliminary data, a modest growth of 1.55% is expected in the number of tourists in this part of the country, Ivan Ivanov, President of the Regional Tourism Chamber in Burgas, told Focus Radio. The forecast is based on planned flights, according to data at the end of March.
Despite the increase in tourists from Austria (25%), Estonia (46%), the Czech Republic (21%), Ir... read more
Thirteen beaches in Bulgaria and one marina have been awarded the world Blue Flag certificate for meeting stringent standards for quality, safety, environmental education and information, the provision of services and general environmental management criteria.
This year’s Blue Flag bea... read more
All photos, texts, video clips, charts and banners on our website are property of our company or of our partners and are protected by the Copyright Act of the Republic of Bulgaria. Any unauthorized use of photos, texts, videos and other materials from our website by third parties will be subject to immediate claim on the part of the copyright owners. The information on our website is with information and advertising purposes. Alhtough we have made all efforts to provide accurate information, there may be some mistakes. For full and correct information is considered only the information received at the offices of Bulgarian Properties Ltd.