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Bulgaria Property: Market Starts to Move

Are there green shoots in the Bulgarian property market? With data emerging from various sources, it appears that Bulgaria is again looking attractive for British and foreign property purchasers in the first quarter of 2009. The UK portal Property Abroad has just announced their results for the first three months of this year and despite the economic crisis and the undeniable slow-down in the property market, Bulgaria is again becoming a sought-after destination. 

The portal, which is keeping tabs on the overseas property market, says that Bulgaria's increase in popularity is "a pleasing result". He believes the increases in property searches for Bulgaria can be put down to the country's economic performance together with low property prices.

The National Real Property Association in Bulgaria also backed up this view and has announced that the number of property transactions increased in both March and April after the quiet previous months.

Only recently, further data from Homes Overseas showed that Bulgaria had the largest rise in overseas property searches, with the country gaining a huge four places compared with the previous month.

And more good news... Moody's has just stated that Eastern Europe no longer faces the threat of a financial crisis, with investors and banks, who remain committed, keeping up their financing. The slow movement of the Pound Sterling gaining against the euro since the end of 2008 is having an impact too.

At Quest Bulgaria, we have noticed during the last eight weeks a significant increase in the number of visitors reaching the site from their search for property in Bulgaria for sale.

Address, the largest estate agent in Bulgaria, who have noted a decline in prices generally, said that the lower prices are leading to an increased number of transactions. Their data reveals that this month (May), 70% of buyers are looking for a property for their own personal use and only 30% of purchasers are relying on some form of mortgage for their property purchase. Address have registered 40% more buyers per week compared with the previouis four months. The agents also say that 35% of buyers are making a decision quite quickly.

Whilst some media say that Bulgaria is "off the map" for Brits buying property, data is proving the contrary. The country has always remained a good holiday option and for property purchasers the cost of living is incredibly cheap combined with good value-for-money homes.