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Bulgarian Property Prices

Property prices for the residential sector of the Bulgarian property market appear to have stabilized this year after a slump of up to 30% on last years prices.

 

The drop in house prices last year now seem to have levelled off and although appealing to a limited market it has seen signs of movement in the real estate market this year.

Recent reports still state that the main investors in the Bulgarian housing market are the Russians. Enjoying close proximity to Bulgaria for a holiday home by the sea, the Russian property buyers have certain demands to fit their requirements and preferably want small apartments with a price range of under 65 000 euros on the Black sea coast. Of course this obviously puts a limitation on the market as a whole and the supply will on doubt eventually come to an end, as less are being constructed due to the economic downturn of the property market.

The housing market in the country's capital city of Sofia has also seen a small rise so far this year in investors taking advantage of price drops mainly on apartments.

Bulgaria's low house prices has also attracted the interest from investors in neighbouring countries including Macedonia, Greece, Turkey and Poland who are tempted by the bargains that are available in Bulgaria.

British buyers have dropped down in the list of a recent poll, now ranking at number 13 when it comes to investing in a second home in Bulgaria. Many of those who already who own second homes are now trying to re sell, some at a loss due to bad exchange rates and the reliance of rentals to fund mortgages for property ownership abroad.

The overall outlook for improvement is a gradual lengthy process in Bulgaria's housing market as there is a huge choice throughout the country. Not great news for people trying to sell at the moment, but for those with money to spare there are definitely thousands of bargains to buy.