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Bulgarian Properties | Buyers Market

Good news for buyers as the price of Bulgarian properties are getting lower, and the economy is improving a little.

However, the changes are happening very slowly and Bulgaria's housing market remains sluggish.

 

Property prices in the big cities and resorts of Bulgaria are now 30% lower than at their 2008 peak. Last year 2013 was different from the preceding years, mainly because the data from the Bulgarian property market was often more positive, which showed that there are signs of a recovery. The sales of Bulgarian real estate have increased, and the property prices have stopped falling. In addition the number of granted mortgage loans has increased, which gives us a reason to confidently say that the market bottom has reached, and the process of a slow but steady recovery has started.

Some of the analysts are showing that this year will see an increase in the prices of the bigger cities and in particular the capital Sofia. Although, there are a lot of new build residential projects and a large percentage of them are still empty, we are expecting the prices to start rising, because of the expectation of reducing of the bank interests for loans.

We have seen a lot of interest in the sea and ski resorts during the last 1-2 years, from clients coming from Russia and the Scandinavian countries. They still cannot bring the peak of 2008, but nevertheless we have seen better progress in the last 2 years. Some good news is that the tourists in the Bulgarian resorts are increasing every season, which will bring a better income for the clients that have decided to invest in an apartment or house to rent.

From the beginning of this year 2014 we have noted even more interest from foreign clients for purchasing rural Bulgarian properties in mountain areas around the capital and around the coast, which are not too far from international airport. Generally it is clients with small budgets who are buying, and searching for interesting projects at a good price which they can renovated at a later date.

During the last 2 years we have started to offer properties that can be bought by monthly installments. This in the difficult years brought a rise in property sales from clients who could pay for a property with ease without having a big amount to spend in one go. Mainly the sales on the installments are concluded with 12 to 16 months agreements.

Since the improving economic conditions in the UK, and a stronger pound it is likely to support the growth of the British investment in overseas property. Also, the uncertain situation in the East, and the problems in Russia and Ukraine, we are expecting to have a lot more clients looking to buy Bulgarian properties as holiday homes or a place to live permanently in 2014.


Article written exclusively from our advertiser Real Estate Vratzata Bulgarian Properties