Bulgarian property market 'starting to pick up'

The real estate market in Bulgaria has begun to stabilise, with a rise in the number of transactions concluded recorded by local agents.

Figures released by property consultancy Yavlena revealed the volume of deals climbed by 22 per cent in 2011, compared to a year earlier, the Sofia Echo reported.

However, the organisation noted the majority of the sales were for agricultural land, with the number of purchases made with a mortgage climbing by just 4.2 per cent in the same period.

Yavlena also pointed out many people seeking a property in Bulgaria are keen to buy in the lower price bracket of €25,000 (£20,624) to €50,000, although there is little supply at this end of the market.

Meanwhile, data recently published by Bulgarian Properties indicated residential real estate values in Bulgaria are stabilising, with the firm recording positive month-on-month growth in Varna and Bansko in March.

The cost of buying a home in Sofia and Sunny Beach fell marginally in the same period, while the Bulgarian capital was the only location surveyed that posted an annual increase in property prices.

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