Luxury property market in Bulgaria is developing
Luxury estates will appreciate in value by 15 to 20 per cent in 2008, but prices of other residential accommodation are likely to stabilize or even lose value, Orlin Vladikov, a member of National Real Property Association and CEO of Orvitex, said in an interview with the private channel bTV on December 2.According to Rosemary Wellings from the Marbella office of Sotheby's Realty company, the luxury sector is less vulnerable to market fluctuations and a reliable investment in the long run.
Holiday units, situated in coastal and winter resorts, account for more than 90 per cent of luxury estate transactions in Bulgaria, Nikola Stoyanov, managing director of Lux Imoti property agency, reported at a company news conference held last week. He noted that only 5 per cent of luxury establishments in Sofia, actually comply with generally adopted standards for this type of estate.
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