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No rise in property prices in Bulgaria expected in 2012

No rise in property prices in Bulgaria expected in 2012.

No rise in property prices in Bulgaria expected in 2012Latest figures reveal that property prices in Bulgaria in 2011 have dropped with 5 to 10% compared to the state of the market in 2010. Based on this data, experts predict that in 2012 prices will not fluctuate as real estate markets around the country remain stagnant.

According to brokers, average prices in the capital city Sofia fell down from €1,100 in 2010 to around €920 per square meter. On the seaside, the prices range between €860 and€900 and in Plovdiv, Bulgaria’s second biggest city, they were €770 per square meter. The winter resort Bansko, which has been quite popular with overseas buyers, saw prices fall by 25%.

Brokers claim that prices in major cities were relatively stable, but due to the decline in demand, prices had fallen. In some places the decrease is 8 to 10% while in others the situation is more rigid.

Nowadays, thetypes of properties, commonly sold are two- and three-bedroom apartments, with key factor being the price. The market demandsproperties in the low price range, which means that apartments in major cities in the €50,000 euro price range are the once sold most often.

Brokers expected that the number of transactions would remain at similar levels as has been seen over the last two years.

Domaza - Properties

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