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Back You are here: Home Property Buying, Selling, Renting Good news for buyers, and is it sit and wait for sellers?

Good news for buyers, and is it sit and wait for sellers?

Good news for buyers, and is it sit and wait for sellers?

Bulgaria is at the moment a buyer’s market, thousands of bargains can be found if you have money to invest.  Nobody can forecast what the outcome will be, but if you are selling at the moment you will no doubt be disappointed with what is happening in the Bulgarian property market.

Sellers are sitting tight and holding out for a reasonable price instead of continuing to reduce the price of their property. For most it is their only chance of raising capital from a house as many struggle to live on the low monthly incomes and pensions. Similar stories are with expats who have invested at peak times and spent money renovating, choosing to move on are also less than thrilled with the property climate at the moment.It is either a case of taking what they can if they need a fast sale, or waiting patiently if time is your side.

House prices in Bulgaria are still reported to be falling as we head towards the end of 2010, and not looking any better for 2011.The lack of foreign investment that once was, and Bulgarian  banks being careful with lending  are not helping the situation.

Russian Investors

The property market for most of the year has been kept alive from Russian buyers. Bulgaria’s appeal to Russian property buyers may be because it was once a former neighbor in communist times, and has a similar language and lifestyle. Other appeals are it offers good value property; especially re-sales as Russians do not trust buying off plan. Bulgaria offers the Russians a huge choice to suit all from apartments in city, sea and ski resorts, to village retreats in peaceful mountainous regions. Flight times from Moscow are only 3 hours away, for those investing in holiday homes so making it an ideal destination. Russia has one of the fastest growing and largest economies in the world it also shows no signs of decline like some E.U states.

Most other sales reported for this year have been made from small studios and apartments in cities, but as much of the construction work has stopped due to lack of funding if this trend is to continue there will not be enough to suit the demand.

Property peaked during 2006 – 2008, with an abundance of Estate Agents lining the streets, now sees only the strongest Estate Agency businesses surviving. Bulgaria once a property hotspot with British, Irish and Scandinavian buyers, saw foreign investment in Bulgarian real estate over 2 billion Euros. When the European crisis improves will the peak happen again for Bulgaria, nobody knows.