Bulgarian property prices tipped to rise in Spring
News by Propertyshowrooms.com
A report has suggested that the stock of Bulgarian property could soon begin to rise, despite a 40 per cent drop in residential building sales in the country since 2008.
This drop saw a large scale price drop which, in turn, encouraged many people to consider real estate in Bulgaria and now new research has predicted that this spring will see the bouncing back of prices.
A report from Bulgarian National Television tipped the next few months of the year to see a rejuvenation, which will appeal to many investors, while it also highlighted where exactly the sales were taking place.
The majority of purchases that took place in the country’s capital Sofia were by those who had moved from elsewhere in the nation while the average budget for a property was around €30,000 (£25,721).
Emil Milanov, the director of one real estate firm, was quoted in the report as saying that people were increasingly looking to spend more on property, moving upwards from the €30,000 budget, which would typically buy a small one or two-bedroom apartment.
Indeed, one of the fastest growing markets in the country currently is for three-bedroom apartments, with families in particular keen on this sort of home.
In the capital, the report revealed that buyers are currently looking at a price of as much as €40,000. Larger three-bedroom apartments can cost between €60,000 and €80,000.
In Bulgaria’s second city, Plovdiv, prices for property could sell for as little as €15,000 or as much as €80,000.
The Global Property Guide reported last year that prices for property in Bulgaria have fallen dramatically since 2008, meaning there are potential bargains to be had for investors.
It cited a report from the National Statistical Institute which found that property prices in Bulgaria were 38 per cent lower than the Q3 2008 peak of €725 per square metre.
The country’s market enjoyed a positive period between 2000 and 2008 before struggling ever since, although signs are there to suggest a rejuvenation. International Property and Real Estate News from Propertyshowrooms.com
2013-02-01 17:16:52
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