Property for sale Bulgaria

It has already been a year since the Bulgarian real estate market was officially hit by the crisis. According to the analysis of BULGARIAN PROPERTIES October 2008 was the last active month before the crisis brought half a year of decrease in the number of deals on the real estate market followed by a decrease in prices.

Here is the latest data of BULGARIAN PROPERTIES* about the current state of the market a year after the beginning of the crisis:

• 35% decrease in the number of concluded deals in the country in October 2009 compared to October 2008.
• 40% decrease in the number of deals for the first ten months of 2009 compared to the same period in 2008.
• 38.5% decrease in the average price of concluded deals with residential properties in Sofia in 2009 compared to 2008.
• 30% decrease in the rental prices of commercial properties (offices and shops) in Sofia and Varna.
• Over 50% decrease in the prices of Bansko apartments.
• 53% decrease in the average price of rural properties around the country.
• An increasing number of offers with discounted prices

*The data is based on actual concluded deals and offers for sale and rent of BULGARIAN PROPERTIES

October has always been the most active month on the real estate market from the last quarter of the year as well as one of the most successful months during the year. The overall activity on the market in October 2009 was 31% higher compared to September 2009 regarding realized deals making it the second most active month in 2009 after June.

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The Mayor of Bansko Municipality Alexander Kravarov announced that the Bansko ski-center will start working on December 1st and the official opening of the 2009/2010 ski season in the Pirin Mountain resort will be on December 12th. The Mayor of Bansko also said that this is the first time the Gondola and the facilities in the ski resort will start working so early. The reason for that is students who come to Bansko to ski for the students’ holiday on December 8th to be able to do so.

On the official opening of the ski season on December 12th ski lovers will once again meet Alpine skiing legends. Their names are kept secret but there is information that the great attraction on the Tomba slope that day will be men’s parallel slalom with the participation of former Olympic and world champions. Pirmin Zurbriggen, Hubert Strolz and Patrick Ortlieb are the Olympic champions who will most probably ski down Tomba slope. They will be joined by the five-time World Cup winner Marc Ghirardelli, the most successful Slovenian skier Bojan Krizaj and world champions Paul Accola and Peter Muller. Bulgaria will be represented by its No. 1 skier for all times Peter Popangelov.

BULGARIAN PROPERTIES' Bansko Office:
Belvedere Holiday Club, ground floor, Block 1
Shipotsko Area
Bansko 2770, Bulgaria
Tel/Fax: +359 749 82 101
Mobile: +359 886 033 033

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The November issue of BalREC – the Balkan Real Estate Conference – which was held in the Kempinski Hotel Zografski in Sofia, once again gathered leading representatives of the building-investment business in Bulgaria – local and international investment and consultant companies, real estate agencies, building companies, architectural bureaus, financial institutions, banks and leasing companies.

The motto of the event was Awaiting Recovery and a lot of the main trends and current problems of the industry were discussed. The main messages which were formulated during the conference are as follows:

• There is need for a state policy for cheap homes;
• The visa process for holiday home buyers must be facilitated;
• The price and the location are defining when choosing an office;
• The low price of land and infrastructure can develop the industrial property sector.

The conclusions that were made in relation to property prices and trends in the various market segments coincide with the analyses which BULGARIAN PROPERTIES published in the last few months:

• The residential market – currently it is the most active segment in which the client rules. There is a wide choice of offers at great prices as clients can bargain for further decrease of the price.

• The holiday home market – in the last few months prices in this segment fell considerably, especially of beach properties of lower quality and far from the beach. However, prices of properties with prime location and high quality of the construction maintain higher prices. Currently it is buyers from Russia and the former Soviet republics that are the main buyers in the segment. During the conference not enough was said about the ski resorts in Bulgaria where property prices decreased considerably and are now quite attractive and affordable. (Send as an enquiry about the BULGARIAN PROPERTIES’ ski property analysis)

• Currently, in the office segment there is a wide choice of offers and almost no demand on the part of buyers and lessees of such properties. This means that now buyers can make bargain deals and that now is the time the smaller office to be changed for a bigger one at a better location at the same price (Send as an enquiry about the BULGARIAN PROPERTIES’ office and trade areas analysis). Read our advice when buying and renting offices

• For those looking to invest in industrial properties and logistic centers now is the time to research the possibilities for a lucrative deal as already there are owners ready to negotiate lower price offers.

Read more on the topic:

The Crisis Didn’t Bypass Rural Properties in Bulgaria

Properties in Bulgaria 2009: Decreased Prices Lead to Increased Affordability

If you have any questions, please contact as via e-mail or call our head office +359 2 9 11 50.