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Bulgarian Property & Real Estate News

Bulgaria apartment prices start to bottom out

The current report from the Bulgarian National Statistical Institute (NSI) for prices of Bulgarian apartments in the Bulgarian cities shows that prices in the fourth quarter of 2011 remained larger static versus the third quarter. The median price drop for Bulgaria apartments was just 1.6%, but the property prices in places like Pernik and Montana have decreased 9% and 7% respectively.

The annual figures for prices of Bulgarian apartments in the smaller towns decreased by approximately 6% which is virtually the same as in 2010.  The reduction in prices of apartment properties when inflation is considered was 2% for the quarter and 8% overall for the year.

The NSI figures show that the average price of a Bulgarian apartment in the regional cities in Bulgaria was 453 euro per m2 in Q3 2011 and broadly speaking the prices were the same in the capital Sofia and in Varna.

Overall the total price drops for city apartments in Bulgaria has been 37% since the market started to readjust 3 years ago. At this level buyers at now beginning to re-enter the market for apartments due to the low prices. In many cases it is now cheaper to take a mortgage on the apartment than to pay rent.

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Bulgaria apartment prices down in Q1

Bulgarian apartments for sale in the capital city Sofia have decreased 8% in Q1 this year.

The prices of Bulgaria apartments averaged 860 euro/sq.m in Sofia in Q1 2011 down from 920 euro/sq.m in Q4 2010. This is based on apartments listed with the Bulgarian Properties estate agent.

Sales of apartments in Bulgaria have increased 100% compared to 2010 with the main focus of sale being for apartments in Sofia.

Bulgarian real estate agents expect that apartment prices will continue to increase in the Sofia region due to population growth and movement from smaller regional towns. It is expected that many of these new arrivals in Sofia will focus on buying bulgarian apartments in the capital as this is where the best opportunities for jobs are based.

Bulgarian apartment prices are stablising in 2011 having decreased for 2 years following the bursting of the credit bubble in 2008.

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Bulgaria apartments popular with Russian buyers

Residential apartment prices in Bulgaria have settled around the same price level as last year, but the number of Bulgaria apartment sales has actually started to increase.

Reporting from the Bulgarian National Radio shows that the market for Bulgaria apartments is mainly from buyers interested in apartments priced between EUR 45 000 and EUR 70 000.

Russian buyers are the main investors active in the Bulgarian apartment sector at the moment. The are attracted by the reduced prices and the fact that Bulgarians speak a similar language. Read more…

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BenchMark Fund invests in development plot in Borovets ski resort

Real estate investment trust BenchMark Fund Estates has signed a preliminary contract for the purchase of a 9,000 m2 development plot in the Bulgarian ski resort Borovets. The company plans to build a luxury Bulgaria apartments complex with a total built-up area of approximately 12,000 m2. Building will begin within the next 3 months and should be finished by mid-2009.
Read more…

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EU membership helps Bulgarian Property market

Bulgaria’s accession to the EU has given Bulgarian property investors increased confidence in the market. According to BuyAssociation, the property advice website, while the eastern European country was already popular with investors the fact that it is now a member of the EU – having joined in January this year – means buying Bulgarian property and apartments is now a lot easier. Read more…

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The Sultan of Oman buys into Super Borovets

The state fund of Oman has acquired a 33.5% stake in the Super Borovets property project. His Majesty Sultan Qaboos bin Said of Oman will participate in the development of a luxurious winter resort called Super Borovets in the Bulgarian Rila mountains. The State Fund of Oman has bought a 33.5-percent-stake in the project from the Rila Borovets 2004 venture. The British investment fund Equest acquired 33.5-percent stake in the Super Borovets project. Read more…

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First-Time UK buyers opt for Bulgaria Property

Bulgaria Property, Turkey and northern France are the current hotspots for British first-time buyers overseas, reports The Observer. “You can buy a one or two bedroom bulgaria apartments for around GBP 60,000 in Bulgaria and you can still get houses for GBP 60,000 to GBP 80,000″ says the managing director of overseas mortgage specialist Conti Financial Services. Because of the price difference bulgaria property and bulgaria apartments are becoming increasing popular with first time buyers. Read more…

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Bulgaria Property – A Great Investment for those who can wait

Bulgaria property can be a great investment as long as buyers are prepared to wait for their property to appreciate in value, media in the UK claim. Director of Bulgaria property firm Knight International Jon Hill said that while it would take a few years for Bulgaria apartments and homes to appreciate, prices seemed to be moving up all the time.Although people should consider their individual circumstances when choosing where to buy, those buying merely for investment purposes could consider purchasing in Sofia or Borovets, he advised, as this was “an extremely good place to buy Bulgaria property at the moment”. Read more…

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Equest enters Super Borovets project on 15 mln euro investment pledge

Investment fund Equest will become a shareholder in the company scheduled to expand Borovets ski resort with an initial investment of 15 mln euro.The company will swap the cash infusion for a 51% of the stake in the project controlled by Bulgarian construction company Glavbolgarstroy, said Equest managing partner Georgi Krumov and Glavbolgarstroy president Simeon Peshov. The construction company last week acquired the stake in the project held by the family of Bulgarian banker Emil Kyulev. Read more…

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Residential Property in Bulgaria Up by Up to 15% in 2007

Average price levels of residential property in Bulgaria will increase by 5-10% in 2007, experts say. Luxurious newly built Bulgaria apartments and properties at key locations will command a higher increase in prices – an average of 15%, according to realtors’ forecasts for the country’s first year of EU membership, cited by 24 Hours daily. Low prices, long-term investment prospects and changes in lifestyle fuelled record-high sales of property in Bulgaria for 2006. Bulgaria apartments were especially popular with foreign buyers.  Read more…

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