According to some prognoses the prices of apartments in Bulgaria will remain at the current levels during 2012, in some places a slight decrease could be expected. This is indicated in the financial report for 2011 of the investment company Orchid Developments Ltd, owner of Grand Mall - Varna.
From the company are commenting that at the end of 2011 on the real estate market in Bulgaria were observed some positive trends. Among them is the increased number of property deals in Bulgaria - mainly the deals with apartments.
Along with this the access to mortgages is easier than ever, although the real estate market in Bulgaria remains in a hard situation for a 3 consecutive years.
These trends are providing a good reason for some hope for the property buyers although they do not necessarily indicate that the real estate market in Bulgaria has started to recover.
During 2011 and especially at the end of the year the decrease in the prices of the apartments was varying between 5 and 10% on annual basis.
There were no significant changes in the dynamics of the real estate market for retail spaces. The rental prices remain relatively stable over the second half of the year. There is still a significant activity in the renting section of retail premises, although it is much less compared with previous years.
Having these trends of the real estate market in Bulgaria, from the company are considering to continue holding the development of the undeveloped properties in their portfolio and the plans for expanding their activity, until there are clear indications for the recovery of the real estate market in Bulgaria.