Higher Bulgarian property market activity mostly in big cities in 2015
2014 was rather active regarding the Bulgarian residential property market. The prices are expected to increase as according to recent data of the National Statistical Institute the average market levels by quarters account on a price growth predominantly in the big cities. This growth relates to the third quarter of 2014 compared to the same period in 2013 – 1.77 %. The average residential property prices range from EUR 650 – 750 per square meter. All the key factors that influenced the property market development can be generalized in brief: decreasing deposit rates, uncertain situation of the banking system and ceased slump of residential property prices.
Now people select very carefully what type of property is really worthy of investing.
Active buyers are young families or people who have sold their property seeking a bigger one. As far age is concerned, there are two types of buyers: the first type includes young people aged 35 and under who are constantly employed and have steady job positions. They are the ones who look for their first residential property to invest in. The second type comprises more mature people aged between 45-50 who are interested in property investment.
The two-bedroom apartments are more attractive and are also not difficult to rent.
This is why it is the most sought type of property. Three- and four-bedroomed apartments were the most demanded ones in 2014 that represent 70 % of all accomplished sales. About 70 % is the share of the buyers who purchase property with their own funds within 2014. At the same time, there is severe competition resulting in an easier drawing of mortgage or another loan. This trend is expected to continue, experts reckon.
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