Property for sale Bulgaria

The Bulgarian National Statistical Institute (NSI) published its report for the first quarter of 2010, according to which property prices continue to fall for a sixth consecutive quarter.

According to NSI in the first quarter of 2010 compared to the last quarter of 2009 prices of residential properties have dropped by 2.3% on average as they returned to the levels of the first quarter of 2007. According to BULGARIAN PROPERTIES the reported decrease in the offer prices of properties from the beginning of 2010 is 5%, as the average decrease in offer prices in the country since the beginning of the crisis up to now is 25%.

The decrease in the offer prices of properties was more obvious in the beginning of the year as it was in the period between January 20th 2010 and February 10th 2010 that there were most properties with discounted prices. It is exactly these discounts that attract the interest of the buyers who follow the market closely and notice every bargain offer.

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Has the Bulgarian property market reached the bottom?

DISCOUNTED PROPERTIES

DISTRESSED PROPERTIES

In an article in Pari Daily from April 22nd 2010 entitled The British Are Selling Their Properties on a Mass Scale BULGARIAN PROPERTIES' Chief Operations Manager Polina Stoykova comments that the British are selling their properties to Bulgarians and to buyers from other nationalities.

Ms. Stoykova, is there a trend showing an increase in the age of Russian property buyers in Bulgaria, as Russian agencies have been writing in their analyses?
At present most Russian buyers are between the ages of 50 and 60. They buy properties in Bulgaria before retiring planning to come to the country after retiring during vacations or for a longer period. Russian buyers look mainly for cheaper properties. Most of them do not fall in the category of “the wealthy Russian” though there are such as well, but fewer. Many Russians are sentimental when choosing Bulgaria to buy a property. They buy because of their childhood memories when they used to come to the Bulgarian seaside. Moreover, they are attracted by the Bulgarian culture which resembles their own and by the fact that they can communicate with the people here.

Apart from Russians who are the other foreign property buyers in Bulgaria?
Despite the crisis there are quite a few British buyers as well – last year they were the biggest group among the foreign buyers. They mainly look for cheap rural properties. The nationalities of the property buyers in Bulgaria vary greatly – from buyers from our neighboring countries and from other parts of Europe, from Russia and other Russian-speaking countries to buyers from faraway destinations like Australia, the USA, Canada and even China.

A very important issue that has to be raised is the right of foreigners to buy houses with gardens and apartments with ideals parts of the land – currently they do not have that right and foreigners cannot buy land as physical persons. That is why they have to register a company in Bulgaria in order to buy a house with a yard - this is not a complex procedure but it raises the expenses of the purchase and puts off some of the potential buyers. It is time we considered allowing foreigners to buy houses with yards and apartments with ideal parts. This and the low property prices in Bulgaria would attract a lot of foreign buyers.

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After BULGARIAN PROPERTIES published their analysis of the real estate market in the first quarter of 2010, on April 11th national television TV7 broadcasted a report in which it commented some of the main trends and conclusions of the analysis. One of the main conclusions that were made in the company’s analysis is that offers prices are almost equal to those at which property deals are concluded, i.e. property prices are now quite realistic.

According to BULGARIAN PROPERTIES’ Chief Operations Manager Polina Stoykova potential buyers follow the market very closely and when they come upon a bargain offer they take interest in it. She adds that according to the company experts the self-regulation process on the market should end in the middle of the year but since the beginning of 2010 property prices in the big cities remain stable but the demand is still low. Ms Stoykova also notes that quite a lot of the owners are still not ready to sell at any cost and the supply does not coincide with what buyers are looking for.

Here are a few more of the main points in the company’s analysis:

• Since the beginning of the crisis the decrease of the asking prices of Sofia apartments is 21.4%.
• The decrease in the prices of Sofia apartments based on actual concluded deals is 23% for 2009 compared to 2008, i.e. the disparity in the offer prices and the prices at which the deals are concluded is already minimal.
• March brought higher activity on the market and the number of deals reached a record high since the beginning of the crisis and a growth of 50% compared to the average monthly levels in the last 10 months.
• It is rural properties that the buyers are mostly focusing on, as their prices fell by 53% in the last year. However, prices of rural properties and properties in the small settlements have not stabilized yet and they might decrease some more in 2010.

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Has the Bulgarian property market reached the bottom?

BULGARIAN PROPERTIES published their analysis of the real estate market in Bulgaria for the first quarter of 2010. Here are some of the trends in the first three months of the year:

• The first quarter of 2010 was relatively successful for the real estate market in Bulgaria as the average activity on the market was about 40% higher compared to the same period in 2009.
• Property sales in January and February 2010 remained the same as those in the second half of 2009.
• March brought higher activity on the market and the number of deals reached a record high since the beginning of the crisis and a growth of 50% compared to the average monthly levels in the last 10 months.
• The activity on the market of city properties in Sofia and Varna remains unchanged compared to the last six months and property prices based on actual concluded deals remain stable.
• The concluded deals are still mainly with luxurious properties or with very cheap properties, as the main requirement of the buyers is the bargain price.

If we have to describe the current situation on the market in one sentence it would sound like this: “Buyers are returning to the market, there is interest on their side, the number of concluded deals is increasing but all this is true for properties offered at attractive prices.”

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Has the Bulgarian property market reached the bottom?

Bulgaria is among the top 10 most affordable destinations in the world according to the German-language Yahoo! Travel Magazine. The other countries where Europeans can go a long way with their EUR for a memorable holiday are Malaysia, Thailand, India, Sri Lanka, Mexico, Croatia Turkey, Egypt and Hungary.

Meanwhile travel analysts expect that in 2010 the global tourist industry will return to its pre-crisis levels with growing interest towards the event tourism.

Bulgaria expects a significant influx around the Easter Holidays, mainly by Romanian tourists. The beach resort Albena, which is the largest of those closest to the Bulgarian - Romanian border, expects about 3 000 visitors for the Easter holidays, with 90% of them Romanian.

Smaller resorts on the northern Bulgarian Black Sea coast also anticipate filling their hotels by offering discounts and bonuses. The southern Black Sea coast also expects guests from Romania and Russia.

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