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Bulgarian Property & Real Estate News

The Bulgarian Property Market – the year a head

2014 saw the property market enter a new stage of development with prices finally leveling out and in some markets actually starting to rise. There has been an increased confidence amongst buyers resulting in more deals being concluded and deals being completed in shorter time frame.

According to Polina Stoykova Managing Director of Bulgarian Properties Ltd “More and more buyers are thinking of buying property because real estate is a safe real asset and good investment. This understanding coincided with a very favorable moment in the property market development, because real estate prices are currently at levels from 10 years ago and respectively, the properties are much more affordable.”

Overall 2014 was the best year for the Bulgarian property market since the crisis started in 2008. With prices at a very attractive level and other investment options returning very low yields both local and international buyers are returning to the market. Russian buyers have been particularly strong although it must be cautioned that due to the ongoing economic situation in Russia it is unclear how strong the Russian influence will be in 2015. UK buyers are gradually dipping their toes back in the Bulgarian real estate market and of course local Bulgarians have quietly been picking up bargains around the country.

For 2015 we expect the recovery will continue especially in the main cities when demand is now catching up with supply due to 5 years of limited new construction. Local Bulgarians are increasingly interested in property along the coast and in the mountain ski resorts. We expect this trend to continue as local buyers see value at current price levels. The return of local buyers showing a strong confidence in the market is a very positive sign and we expect international buyers to quickly follow the local knowledge. Overall we forecast that 2015 will see increased transaction volumes and a continued gradual increase in price levels. Source: Bulgarian Properties Ltd.

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