Interest in Bulgarian property is again rising following several years of prices falls. Over the last 3 years prices for Bulgarian properties for sale and real estate sales have dropped about 35% over all. Prices falls have been higher in some areas but lower in others. Generally prices have held up better in areas with less supply. Investing in Bulgaria property is also becoming safer. Now a member of the EU a recent global report shows that property rights within Bulgaria are now on a par with other popular investments locations. Investors in Bulgarian real estate can be comfortable in the knowledge that they are protected by robust European laws. The Property Right Report highlighted that buying property in Bulgaria 2012 is now the safest it has ever been.
Bulgarian real estate agents are once again positive about the prospects for the real estate market in their country. A recent interview with the leading broker Bulgarian Properties shows that they are gradually seeing the return of foreign investors in Bulgaria. They highlight the Borovets ski resort as an area that is seeing increased demand at present. Despite falls of about 20% in the average price of Borovets property, buyers are again showing interest in the ski resort and snapping up properties and prices unlikely to be seen again soon. The prices for Borovets apartments now range from 550-1,100 euros per m2 down from 900-1,700 euros per m2 just 3 years at. At the current price levels finished apartment in Borovets are now cheaper than the construction costs reports Ms Stokova.
Another area that is popular at the moment is Sunny Beach although here the properties are of lower quality and in general the Sunny Beach resort is not an upmarket property location for Bulgarian properties for sale.
In other news the real estate consultant Yavlena announced that Bulgaria property sales deals have increased by almost 25% in the first quarter compared to the same period last year. The real estate market in Bulgaria has begun to level out and the rise in the number of deals signals strong demand for the Bulgarian properties in 2012.
Yavlena also highlighted that most investors in property in Bulgaria are looking to purchase at the 25,000 euro to 50,000 euro price level and the supply of properties within this range is beginning to dry up.
For 2012 Bulgarian properties are generally expected to stay flat but an increase in the number of deals is likely as investors try to snap up the last few bargains before the market rises again. After that it is expected that prices will gradually increase in line with construction costs as many properties are currently being sold below construction costs. Selling at below construction costs is not sustainable once the current supply of properties is exhausted. Brokers are optimistic that this will result in prices increases for Bulgarian properties.