[size=75:3t5o2dht]novinite 19 December 2009

Bulgarian Property Market Lacks Foreign Investors

Bulgarian real estate prices in over 20 cities and towns have seen a decline in value of up to 28% in the third quarter of 2009, compared with the same period the previous year.

About 21 000 residential units were completed and became available on the market in 2008. Another 15 000 new units were constructed and put on the market in 2009, according to the Bulgarian National Statistical Institute (NSI).

Real estate agents based in Bulgaria report that there is a shortage of cash available to the local market, and that foreign investors, who have been responsible for a large proportion of the recent construction boom, are not as active at the moment.

Foreign investment in Bulgarian real estate between 2006 and 2008 accounted for more than EUR 2 B compared with EUR 300 M in the previous three years.

However, there are signs that the market may be beginning to move. Real estate companies are reporting a small increase in property inquiries and in completed deals.

A spokesperson for Address Real Estate has estimated that the overall decrease in transactions for 2009 will amount to about 35% compared with 2008. Although the bottom has almost been reached, prices are expected to fall even further in 2010.

This has got to be good news for anyone thinking of buying but not so good for the seller but I wonder how accurate these figures are I keep reading different stories about the property market and not to sure what I should believe anymore

Got to agree with you BGTRAVELLER its all good news for those that want to buy but not so good for the sellers looking at it from the other side I do feel sorry for the Bulgarian who again will be the one that loses out in the end not all of them are sharks in fact most of them don't even get what is paid for the property so this can only make it worse for them

Hi Sarah your right in all you say but unfortunately we live in a dog eat dog world and that's how it is it makes no difference what part of the world you are in its the same everywhere

krypton I know your right but I one of those people who always goes out with her heart on display but I agree with what your saying I will learn to live with it

From a personal point of view, enquiries have picked up a little in the last few months but it maybe due to me having more time to market and trying different approaches...hard to say.