Property for sale Bulgaria

Despite the negative forecasts of the tour operators the company Property Management BG Ltd. report of significant interest on the part of foreign tourists to the aparthotels along the seaside. The company has agreements with over 300 local and European tour operators. A night in a studio in a luxury holiday development along the Black Sea coast during the summer season costs about 30-40 Euro. Up to now the Irish tourists are the most active group booking properties in aparthotels.

"The stress which the people in the EU are subject to makes a lot of our potential clients choose exactly Bulgaria as an inexpensive destination”, Property Management BG comment.

Property Management BG received a commission from the local building company Midia for managing its new holiday development in Aheloy. Midia Resort will open its doors for tourists in August. In the last two years the apartments in the complex are sold mainly to Russians, Czechs, Polish, and Latvians at prices from 1,000 to 1,300 Euro per square meter. The sales were made by the company Bulgarian Properties. A night in the development will cost around 50 Euro due to the complex’s top location.
“We are expecting tourists from Russia, the Czech Republic and Romania”, comment from the company.

According to Bulgarian Properties the annual return on the investment in the apartments varies from 3% to 5% in a time of crisis. Every promise for a return on the investment of over 5% is unrealistic as the real estate sector is one of those hit hardest by the crisis.

"At the moment we can’t make any forecasts about how the property market will develop. We have clients from Russia, Poland, Denmark and other European countries”, comments Mihail Chobanov, co-founder of Bulgarian Properties.

According to him developers pin great hopes on the forthcoming summer season. Meanwhile, potential clients expect prices 20-40% lower compared to last year. Mihail Chobanov advises developers to offer competitive prices and attractive payment conditions in order to attract more clients and finances to the country. According to him there are no attractive offers for seaside hotels and there is no panic among their owners. Most of the offers are for small family hotels.

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The prices of properties in Bulgaria have gone down by 12.4% in the first quarter of 2009 compared to the same period in 2008, National Statistical Institute data show.
According to the data the decrease for the first three months of 2009 amounts to 8.4% on an annual base.

The prices of real estate in the capital Sofia have fallen significantly by 16.6% to an average price of 1,980 BGN/sq.m. (about 1011 EUR/sq.m.) which means that properties in Sofia are no longer the most expensive in the country Varna taking the lead.

In Varna property prices have decreased by only 5.7% in the first quarter of 2009 year-on-year to 1982.17 BGN/sq.m. (about 1013 EUR/sq.m.).

There is a decrease in prices of real estate in all regional cities as it is most considerable in Veliko Tarnovo – by 25.1%, in Kyustendil - by 21.5%, in Blagoevgrad - by 20.5%, in Rousse - by 18.8%, and in Vidin - by 17.8%.

The residential property price index for the first quarter of the year compared to the same period last year is 91.6%.

The average price of residential properties in the country is 1190.72 BGN (about 609 EUR).

The properties in the region of Shoumen are the least affected by the crisis as their prices have decreased by just 2.3%.


If you wish to receive BULGARIAN PROPERTIES' full property market analysis for 1Q 2009 on your e-mail please click here.

If you wish to receive BULGARIAN PROPERTIES' rural property market analysis for 1Q 2009 on your e-mail please click here.

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With the strong euro, renting an apartment or villa in Europe will be expensive this year, and once you're there, living costs will also make a large dent in your budget.

One solution could be to travel to Bulgaria or Turkey, which are both outside the Eurozone.

A cost comparison of apartments and villas handled by Holiday Rentals, which offers more than 130,000 holiday properties, shows that Bulgaria and Turkey are the best destinations for a good-value self-catering holiday at the moment. Courtney Wylie, of Holiday Rentals, says: "In high season, you can get a wonderful detached two-bedroom villa in Turkey with private pool near Fethiye or in Dalyan for around Ј600 per week. A similar property on the Greek islands of Cephalonia or Crete will cost nearly twice that price."

According to the Holiday Rentals survey, accommodation in resorts along the Black Sea coast of Bulgaria and around Varna and Burgas, the two largest cities, also work out far cheaper than similar accommodation in the Mediterranean.

You can expect to pay Ј300 to Ј400 per week for a two-bedroom villa with pool. Of the Eurozone countries, the cost comparison shows that Spain is the country where your money will go farthest.

In Bulgaria, the average weekly rental for a two-bedroom property, based on average year-round prices, is Ј303 (around 340 euro) and Ј480 (around 540) for three bedrooms. For Turkey, those costs are Ј328 (around 367 euro) and Ј488 (around 550 euro) respectively. As a comparison, rental property prices in Greece are more than double - Ј741 (around 833 euro) and Ј1,064 (around 1,197 euro) respectively.

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BULGARIAN PROPERTIES published an overview of the rural property market in Bulgaria for the first three months of 2009.

According to the company rural properties in Bulgaria have diverse qualities and each region offers houses with unique characteristics, location, size, etc. and, naturally, with corresponding higher prices. Also, each area has its typical parameters regarding the built-up area and the size of the yard. This means that depending on the region the big yard or living area cannot always be used as a distinguishing feature that could increase the property price and make it stand out, as many of the other properties would probably have the same parameters.

The company comments that currently foreign buyers of rural houses still outnumber Bulgarian buyers though the latter are becoming more and more active. Foreign buyers do not look for rural properties only in the popular and expensive villages around the bigger cities. On the opposite, they see no difference whether the property is 20 or 50 km from the town and sometimes even see smaller and more secluded villages as an advantage that also has a lower price.

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BULGARIAN PROPERTIES' analysis for the first quarter of 2009 shows that there are diverse offers for sale and rent on the real estate market and a great number of viewings were made. The average price of the concluded deals is not very different from that in 2008 but now this price buys bigger properties of higher class. This means that there is an actual decrease in property prices.

The analysis of BULGARIAN PROPERTIES shows that one third of the company’s deals are made with British buyers as the properties which they mainly buy are low-priced rural houses.

According to BULGARIAN PROPERTIES the general market trends in the first quarter of 2009 are the following:

• Increase in the supply of all property types;
• The number of the viewings has increased since the beginning of the year;
• For the first time since October 2008 the trend of decrease in the concluded deals on a month-to-month basis is changing;
• Most of the deals are concluded with discounts of between 10-20% of the offer price.

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The agricultural land market in Bulgaria in 2008 was quite dynamic with 134,000 deals concluded for 1,374 million decares of land which is respectively 7 percent and 19 percent more compared to 2007. This is what the Deputy Minister of Agriculture and Food Svetla Bachvarova said at a conference while presenting a research of the state and development trends on the agricultural market in the country for 2007-2008.

The land sold for agricultural production amounts to 1,286 million decares as the increase compared to 2007 is 21.2 percent.

The research shows that in 2008 the average price of land intended for development of agricultural production was 312 BGN per decare which is 32.8% more than in 2007.

The trend for great price differences in the various regions around the country is kept. The lowest prices are to be found in Lovech and Pernik areas (respectively 201 BGN and 140 BGN per decare) and the highest are in the Dobrich area (546 BGN per decare).

For a second year in a row in 2008 the biggest number of land deals were concluded in the northern central area of the country – 37,856 deals for 360,903 decares.

2008 witnessed a decrease in the renting of agricultural land, the research shows. This is due to the fact that in 2008 and 2007 a great part of the tenant farmers and agricultural co-ops signed long-term contracts with the land owners – for over 4 years.

The arable land around the country amounts to about 29 million decares and the common pastures and grazing grounds are about 4-5 million decares. There are 2 million land owners in Bulgaria who own 20 million plots of land, the Deputy Minister added.

According to her there shouldn’t be an increase in agricultural land prices in 2009 but a slight decrease in some areas where the prices are too high.

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