BULGARIAN PROPERTIES' Chief Operations Manager for Bulgaria on Air: The decline in property prices continues fading

Polina Stoykova, Chief Operations Manager of real estate agency BULGARIAN PROPERTIES, gave an interview for Bulgaria on Air channel, in which she comments the company’s analysis of the Bulgarian property market for the second quarter of 2012.

According to Polina Stoykova, the decline in property prices continues fading. Browsing real estate portals, including the website of BULGARIAN PROPERTIES, we can find offers we have never seen. We came back to 2004-2005, when the supply was at these levels. In Sofia you can find apartments at a price of 15,000 Euro. There is a variety of offers from 20,000 Euro to 30,000 Euro for small-sized apartments in panel buildings in the suburbs districts.

Sofia and Varna are still on the top position of the most expensive properties in Bulgaria and the average prices in these cities starting from 730 Euro per sq.m. The average prices in Burgas are lower, but this city and Varna have an advantage of the combination of holiday and city markets and they enjoy a greater interest by foreigners. While in Plovdiv, the movement on the market comes mainly from Bulgarian buyers. The prices in Plovdiv are the lowest and continue falling. The average listing price is 700 Euro per square meter, and the deals are concluded for 500 Euro per sq.m.

Major buyers of real estate in the country are Russians who prefer the Black Sea south coast. According to the data of real estate agents it is expected that the year will end with a minimum decline since the crisis started. The good news is that although negative expectations and difficult recovery, the real estate sector is developing relatively favourable.

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