More interest in agricultural land in Vidin region

The deals with properties in Vidin (Northwestern Bulgaria) are increasing, as for some of the quarters this year the increase is up to 80%. This is what Polina Stoykova – operations manager in a real estate agency – told Radio Focus -Vidin.

This increase is mainly due to the deals with agricultural land, but there are also more deals with apartments, Ms Stoykova explained. The arable land in the region of Vidin is amongst the cheapest in the country and this stirs the interest of the buyers. The average prices of land this year are about 300 leva/decare (about 153 Euro) as there is a slight increase compared to last year. Deals are concluded mainly by agricultural producers and not by funds or international investors. Prices vary depending on the area of the land for sale. Real estate agents explain the demand with the fact that the agricultural branch turned out to be a profitable business even during a crisis.

What is typical for deals with apartments in Vidin is that they are seasonal and now there is a slowdown which is normal for the end of the year, Polina Stoykova added. Potential buyers mainly look for apartments to suit their housing needs priced between 15,000 and 20,000 Euro. “According to the data of the Bulgarian National Statistical Institute for 3Q 2011 the average price at which apartment deals in Vidin were concluded was 295 EUR/sq.m. According to our data this price varies between 200 to a maximum of 300 EUR/sq.m. This depends on the location of the property – whether it is a Soviet-style block, a new build, whether it is furnished, etc.”, the expert said. She added that at present demand is focused on the lowest price segment – small cheap apartments which people buy either for the purpose of changing homes or as first-time buyers”.

The apartment rental market in Vidin is not very dynamic at present. There is demand for apartments priced between 150 and 300 leva/month (76-152 Euro).

This year we are witnessing a withdrawal of foreign property buyers in the region as the British buyers who traditionally like Vidin and the area are not there, Ms Stoykova explained. There is no one else to fill their market niche.

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