[size=75:8eamnor9]novinite December 11, 2009

Is the Bulgarian Market Set to Bottom Out?

Predictions that the Bulgarian Property Market will bottom out within three months could mean that the sector could start improving from the middle of 2010.

Speaking at the BalRac real estate market conference in Sofia, head of economic research at UniCredit Bulbank Kristofor Pavlov said there will be three more quarters of price falls before the market stops declining.

This could mean improvements in 2010 ahead of the end of recession in the country which Mr Pavlov suggested is likely to still be around this time next year.

This could make Spring or early Summer next year, the perfect time to invest in Bulgaria.

However, according to lifestyle and Investment magazine Quest Bulgaria, those investing should concentrate on the upmarket towns and villages as opposed to the popular Black Sea Coast Developments where there are concerns arising from over -building and the creation of a 'fish & chip' culture in the manner of the Spanish Costa's.

That hasn't stopped the Russian Investors snapping up bargains on the coast though with many buying in to the countries tourist resorts. According to Property Abroad, The Country's property has always been the cheapest but suffered from an oversupply situation in the past couple of years, this situation should even out between countries, as other nations also have supply issues.

Its all looking good if this is true

Is this the same Magazine that our Chis is connected to? anyway got to go along with this it's good news and about time, its also good to hear some good news about property in the villages

Hi Nets ... yes indeed, Quest Bulgaria is our site!

Thought it was Chris nice to see someone pushing the village properties for a change

I like the sound of this can Chris throw any more light on the economic situation regarding property ? do you think that early next year would be a good time for investment

nu2bg wrote:

I like the sound of this can Chris throw any more light on the economic situation regarding property ?

Not that I'm an expert in the field of real estate, but from personal experience and viewing the statistics from our own web site I can certainly say that:

1. Visitor traffic and page views are higher than they have been all year

2. We are getting more 'general enquiries' via the site, etc.

3. We have just taken on some new advertisers (first time in months) and have enquiries for more

Also, I notice from the statistics of another few real estate sites I've built recently ([url=http:
//www.
accordiaproperties.
com:neov28x9]Accordia Properties[/url:neov28x9], [url=http:
//www.
bulgariannorthwestproperties.
com:neov28x9]Bulgarian North West Properties[/url:neov28x9]) that their statistics have also gradually increased during the last couple of months, as are the number of property enquiries via the sites and people signing up for newsletters.

I could only think this is a positive sign in general that people are getting interested in investment in Bulgaria again.

Maybe people are getting tired of the doom and gloom and deciding it's time to start some movement.

If so, that's good for us all, not only the people looking to buy here, but the people living here and running businesses here.

Chris

Excellent post, Chris.

As you rightly say, enough of all the "
doom and gloom"
. Let's all enter the New Year with a positive spirit. Did someone mention Smirnoff?

Rgds., C.

coriolanus wrote:

Excellent post, Chris.

As you rightly say, enough of all the "
doom and gloom"
. Let's all enter the New Year with a positive spirit. Did someone mention Smirnoff?

Rgds., C.

Seriously your both right I think there has been too much doom and gloom about Bulgaria in the last 12 months+ and its time for a more positive approach and outlook because from what I can see and what I read the future for Bulgaria seems to be very positive, and lets not forget we are only mere mortals but if you look to the gods like those groups of companies who are investing Billions in Bulgaria then its plan to see even to the blind, no offense intended there by the way

ATB

Really interesting.

"
Maybe people are getting tired of the doom and gloom and deciding it's time to start some movement."

I can see that pent-up demand over the last year or more will come to a head and people will think about buying overseas property again no matter what. Besides, most in the UK are so very fed up and can't see any future for them there. I will all most likely take a bit of time though.

Maybe Chris will do his 'property price predictions for 2010' and put it on the Quest site?????? Can't be any worse than 'mystic meg'

Good thread its good to see someone being possitive for Bulgaria but lets be honest it has had its fair share of problem which some of still exist but that change will come I beleive with the new generation that is waiting in the wings so onwards and upwards

[b]
Hi
I think it is more positive I have a friend who has an Estate Agents and Oct/Nov he found he was busier than all year.
Russians primarily and they are now viewing new properties in villages close to the sea.
I agree with a previous post about retiring people down sizing and coming to Bg.
I think the property market boomed to quickly and now it is more realistic, hopefully we will see people wanting to invest as the prices are lower. Bulgaria needs to get its act together with the infastructure or they will miss the boat.
Sue [You must be registered and logged in to see this image.]

Lets hope they do get their act sorted out this time and they ain't caught with their pants down

We can only hope!!!!

I have actually had one or two queries from Americans and have had quite a few rental enquiries and have 4 properties rented out long term. I am marketing fairly hard so could account for increase in enquiries but still get emails from people saying they are sick of UK, want to move to somewhere sunnier, grow veg, have a more relaxed life style etc...

It will take time but hopefully the worst is over...

The market is definately improving, we are about 40 mins from the sea and Russians have bought here. A Swiss/German couple bought earlier in the year and an English couple more recently. Only last week another couple English/Ukrainian were deciding which house in the village to buy, though I have to say for a number of reasons our village is currently being quite sought after.

However I do believe the days of the 100,000 euro village property are gone. Prices went crazy for such a country and too many people have overspent renovating. Bulgaria is still not in the league for expensive property and if common sense prevails it won't be for some time yet.

People need to remember this is not Spain and never will be but gready agents and sellers will try and make it seem so!!

Some people have spent small fortunes renovating properties, sadly I think they will mainly have to take a loss.


Property in the UK is falling again and once the Conservatives take over the real depth of government debt will be revealed and it won't do property prices or the countries financial ratings any good.

But yes the market here is active but don't expect a return to the silly days of a few years ago.