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Bulgarian Property Market: Signs of Growth

The Bulgarian National Real Estate Association revealed growth in the Bulgarian property market during an interview for Darik radio. The Chairman, Lachezar Iskrov said that the market showed an increase of between two and three percent during the month of August. He also said that Bulgarian property prices have stabilised and are no longer going down, being likely to remain at current levels for some time. Firing a shot at the banks for being overly-restrictive in granting mortgages, he said that the slight lowering of the lending rate would do nothing to assist the market in reviving.

This would tend to support findings from Bulgarian Properties, who lately revealed a 50% increase in property transactions during June, compared with the previous month of May, with UK buyers starting to return to the real estate market hunting out bargain property.

The company said that the market had already stabilised from March to May, with no real further decline in transactions. Sales of completed properties (resales) were similar to the number made in June last year. However, off plan transactions were 88% down as buyers are looking to avoid the associated high risks. Most properties being sold were in the 28,000 to 40,000 euros range.

The company also stated that nearly 35% of transactions are with local Bulgarians but that Brits account for some 43% of all foreign buyers, 10% more in June than in May.