Property for sale Bulgaria

In its first issue for 2010 the British magazine A Place in the Sun published an article about the property market in Bulgaria, as well as buying advice given by local experts.

Galya Zlatanova is the Mortgage Expert of BULGARIAN PROPERTIES and she is one of the specialists quoted in the magazine:

"Unfortunately, at the moment all the banks in Bulgaria have stopped lending money to foreign people and it is not possible for a British person to obtain a mortgage, no matter what type of property they are buying.

"One year ago, before the crisis hit Bulgaria, it was very easy for British people to get a Bulgarian mortgage. The banks also used to consider it a plus if the applicant were British. The whole procedure took around one to two months. The client just sent us the required documents for the mortgage application and we represented them in front of the bank so there was no need for the client to even come to Bulgaria. However, things are different now and foreign mortgage financing has been completely frozen by all the banks in Bulgaria.

"I should also add that during 2009 mortgages have been very hard to obtain even for Bulgarian clients. Banks now have many more requirements for applicants to meet, interest rates are high and they only lend 50-60 per cent of the property price, the rest being covered by the buyer.

"As soon as the banks in Bulgaria start granting mortgages to foreigners, we will be the first to announce this and be able to help."

Read more about mortgages in Bulgaria

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Has the Bulgarian property market reached the bottom?

In its January 2010 issue A Place in the Sun Magazine tells us about the Top 10 Property Destinations for Brits in 2009, Bulgaria being positioned in the tenth place.

Here we will provide a few key quotes from the article about Bulgaria and its property market, based on information provided by BULGARIAN PROPERTIES:

"Prices have dropped by up to 30 percent in Bulgaria – making it a great time to snap up a beach, ski or even country pad."

"... Forced to face reality, prices are being lowered by up to 50 percent in former hotspots such as Sunny Beach and Bansko..."

"With experts predicting that prices have nearly hit the bottom, the next few months will be the best time to buy for those backing Bulgaria in the long run."

"Anything above EUR 100,000 (GBP 91K) is currently viewed as expensive in Bulgaria, so below that threshold there's plenty of choice."

"...the market is now entirety lifestyle purchasers rather than investors."


Read the whole article

If you wish to receive BULGARIAN PROPERTIES' full 2009 property market analysis and its 2010 forecast on your e-mail
please click here

Has the Bulgarian property market reached the bottom?

BULGARIAN PROPERTIES published its 2009 annual analysis of the Bulgarian real estate market and made its forecasts for 2010. According to the company 2009 in numbers looked as follows:

• 36% decrease in the average property prices in the country compared to 2008;
• 40% decrease in the number of realized sales compared to 2008;
• 23% decrease in the average prices of apartments in Sofia and 55% annual decrease in the number of deals in the capital;
• 22.5% decrease in the average prices of apartments in Varna;
• 41% decrease in the average prices of apartments in Bansko compared to 2008;
• 40% decrease in the prices of apartments in Sunny Beach and the other southern Black Sea resorts;
• 53.5% decrease in the average prices of sold rural properties.

Main accents during the year:
• Continuous process of decrease in the properties’ prices;
• Conclusion of deals upon negotiation of prices lower than those announced;
• Demand and interest only in bargain offers;
• Limited bank financing as most purchases were cash ones.

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Has the Bulgarian property market reached the bottom?

In connection to BULGARIAN PROPERTIES’ annual report of the Bulgarian property market in 2009 the company’s Chief Operations Managers Polina Stoykova and Victor Vucheliyski gave an interview for ProBG television.

The main accent of the interview is the rural property market in Bulgaria and the changes which occurred in this segment in 2009. According to the company’s report it is rural properties whose price fell most in 2009 – by over 53 percent. According to Polina Stoykova prices could fall by further 10-15% but only in specific areas and for specific properties. The greatest price decrease is witnessed in rural properties around the cities of Sofia, Varna and Bourgas where in the last few years prices increased considerably.

According to the company’s report prices of properties in winter and summer resorts in Bulgaria also decreased noticeably in the last year as now the segment offers great bargains. Victor Vucheliyski adds that at present a one-bedroom holiday home in a functioning development can be bought for as low as 38,000 Euro.

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Has the Bulgarian property market reached the bottom?

According to the regular ranking of portal property-abroad.com of the 10 most popular countries for oversea property buyers Bulgaria once again finds its way in the top 10 countries. According to the portal Bulgaria’s 9th place is a surprise given the collapse in demand from foreign buyers in 2009. This reflects the emergence of increased investor activity in the latter part of the year, and the focus on cheap property throughout 2009.

According to the ranking Spain is at the top of the list. Although sales there have dropped drastically there still seems to be plenty of people looking at Spanish property.

Second come the USA which is no surprise because of the repossessed and distressed opportunities that have abounded in the market throughout 2008 and 2009.

Portugal is third, which again is scarcely a surprise. Portugal has become a popular choice since the demise of Spain, because it offers comparable locations and climes to the old favourite, but very few of the problems with oversupply, depression, recession and property price drops.

The ranking from 4th to 10th place is as follows:
4. Italy
5. Turkey
6. France
7. Cyprus
8. Greece
9. Bulgaria
10. Australia


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