Bulgarian real estate market has hit the rock bottom
2009-03-19 08:00 News from Dnevnik.bg
The Bulgarian real estate market has hit the rock bottom and will not bottom out any time soon, said Yavlena agency manager Strahil Ivanov. Speaking to students at the University of National and World Economy in Sofia on Wednesday, Ivanov predicted the prices of some properties could drop by 5-10%. Now is the time to hunt down bargains, he said. His opinion is echoed by most of Bulgaria’s major property agencies.
Tsvetelina Taseva, executive director of Address, told a recent conference buyers can take 15-20% off the price if they have the money at hand.
Ivanov estimated properties at the heart of the capital are up for grabs at EUR 2,000 per square metre at the moment that could fall to EUR 1,600 in serious interest.
Yavlena said deals in January and February were scarce, and forecast quarterly numbers will be three times lower. But the company is receiving inquiries from prospective buyers, which is a sign that the market is about to pick up. However, this is unlikely to happen before the end of the year, according to Ivanov.
Another realtor, Elta Consult, has said more deals will be struck towards the end of the year but prices will be lower. Last week it emerged that prices in the mass home segment have gone back to their levels of two years ago.
Two-room flats in Sofia and Varna are available for purchase for EUR 50,000 to EUR 70,000, according to a survey of Raiffeisen Real Estate. Sofia sellers ask for 20% more than what buyers actually pay, the study found.
This News is listed at news.Guide-Bulgaria.com
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