Bulgarian Residential Property Prices continue to fall
A slight sales prices fall for Bulgarian residential real estate is registered during the third quarter of 2013. This is the fourth year in a row when prices continue to decrease slightly.The most drastic price fall is registered in towns where high unemployment is a serious problem. Unfortunately, municipalities such as Vidin, Vratsa and Dobrich have the highest unemployment rate. Towns like these are threatened with very low property sales.
The average sales prices for residential properties in Sofia, the capital city of Bulgaria, amount to BGN 1 444.83 per square meter, the prices in Varna amount to BGN 1 381.33 per square meter and in Burgas – BGN 1 113.33 per square meter.
Experts reckon that the main cause for the sales decrease is the need of the sellers to have disposal of their property with the aim to get cash and the restricted budget of the buyers is another factor. Buyers tend to be careful regarding the properties and have high requirement as far as developers’ conditions are concerned. They are not overhasty to buy a property.
However, developers decide to offer flexible schemes for installment payment as well as finishing works or parking lots. They also continue to offer rent-to-buy opportunity in order to attract the buyers.
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