Analysts are divided on Bulgaria home property prices
2010-02-08 00:17 News from Dnevnik.bg
Average housing property prices in Bulgaria will hit the rock bottom by the middle of the year before settling in the following months and then starting to pick up, rising by at least 10% by the end of the year, an industry expert said.
Tihomir Tsakov, manager of Bulgarian real estate agency Aristo, predicted that if there is no unexpected turn of events in the economy, prices will hit the bottom at the beginning of 2010. The market will be also spurred by the slight drop in the cost of borrowing, coupled with the waning supply of quality offers.
This forecast clashes with projections made by other major real estate agencies such as Colliers, Address and Foros, which expect the fall will continue though the first half of the year, tumbling by 10% before settling.
Tatyana Emilova, housing space manager at Colliers, said complete recovery could be expected over the next 12-18 months.
Tsvetelina Taseva, executive director of Address, said the market will depend on which way banks will take. If they opt for quickly selling foreclosed properties as bad loans proliferate, prices will come down. If they choose to keep them, the supply of good property will be reduced significantly.
Aristo estimated that the Bulgarian housing market has gone back to 2004 levels in terms of deal numbers as only some 200,000 transactions took place.
For the first time since 2000, Bulgaria’s average home prices slid to EUR 548 per square metre, according to data by the National Statistical Institute (NSI). On a brighter note, the market dodged the bleakest forecasts, with prices diving 21.36% year-on-year and returning to 2007 levels, according to Tsakov.
He said deal numbers are likely to increase by at least 20% on last year, passing the 240,000 benchmark.
This News is listed at news.Guide-Bulgaria.com
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