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Property Prices In Bulgaria To Go Down

The prices of apartments in Bulgaria would probably decrease within three to four months, Yavlena real estate agency representative Anna Katsarova said.

Katsarova said as quoted by 24 Chasa daily that the reason for the price decrease was that real estate owners started speculating in 2006 with Bulgaria’s upcoming EU accession. Calculations were based on too high expectations for price increase.

Prices went up by 10 to 15 per cent at the end of 2006 and some real estate owners even withdrew their property from the market waiting for the new year.

The demand for lodgings in the second half of January 2007 was high and more potential buyers inquired about property as compared to the same period in the past years.

Address real estate executive director Katia Tsenova said that most of real estate owners, who have withdrawn their offers in 2006 would not benefit from the price increase of their property. This increase would be insufficient compared to the general price growth on the market. Owners would also have to face excessively high supply in 2007.

Market activity would grow within the coming weeks, when buyers would have examined the prices and offers corresponding to their requirements.

In 2007 the demand for lots that are suitable for shops, pharmacies and other commercial use also increased, Strahil Ivanov of Yavlena said. Most of the buyers hope to gain profit by giving the lots for rent.