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Property in Bulgaria

We explore property in Bulgaria and what a 'buyer's market' means for both purchaser and vendor. Talking with Bulgarian estate agents regarding the property market, most will say that it is slow. However, this doesn't mean there are no British buyers out there: their desire to buy a property in Bulgaria and find out what it is like living in the country still remains.

The number of buyers from Britain has certainly dropped from the heady days of a few years ago but this does not mean that the buyer's market has come about in all sectors of the Bulgarian property market, with all prices for all property plummeting.

Large rural properties needing a ton of renovation, which can be expensive to both do up and maintain, have seen demand and prices fall. On the other hand village and small town houses, already renovated and ready to move in, together with restored unique properties have faired better. Only dropping prices by a small amount and representing very good value.

It is in everyone's interests to have a good understanding of the current market conditions to ensure all parties are happy with buying and selling. Indeed the buyer's market always exists... every buyer will try to get the price down and, if successful, feels satisfied that they have bagged a bargain. Whether prices are rising or falling, the buyer is happy. The property market is only successful when both seller and purchaser are comfortable with the sale price. For, at the end of the day, those who are selling today are tomorrow's buyers and they will only be able to buy with the money they have from what they sold for.

With smaller increases in property prices, this brings more first-time buyers to the market. It is this which prevents the entire market from falling too far and is also why small village properties near to amenities are in more demand.

Sellers should be aware that those with money to spend on a property in Bulgaria can see an over priced property from the start. Usually those with finances available are financially strong with high expectations of what they want and are looking for a quality property.

Those selling their home should present the property well, with first impressions counting high on the buyer's list. Laundry scattered around, the small of wet dogs or cats and a pile of washing up in the sink will do nothing for selling!

With less buyers around, agents are also going to have to work harder for their money. The financial crisis has already seen some agents go to the wall but those which remain are more financially stable and robust. Agents should have more time now to provide a personal touch to their potential clients, answering emails more promptly and better meeting the demands of buyers.

Although the market may be slow, there are houses which are being sold quite quickly. Generally property in Bulgaria that is priced sensibly so that both buyer and seller are happy, without negotiation on the price.