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Bulgarian Property & Real Estate News

Bulgarian properties expected to stay flat

Bulgarian properties have dropped in price by 5-10% during 2011 according to the latest data released this week. Most Bulgarian real estate brokers are predicting flat property prices for 2012 but with an increased number of property deals.

In Sofia the Bulgarian property prices remain around 920 euros/m2 which is reduced from 1100 euros/m2 in 2010.

Prices for Black sea coast properties are at an average of 860 euros/m2 while in the Bulgarian city of Plovdiv the average level is around 770 euros/m2. The Bulgarian properties in the ski resort of Bansko have suffered in excess of 25% falls during 2010. According to local Bansko real estate agents the market is very quiet and there is still a large over supply of properties both for sale and rental. Read more…

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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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Property Investment Funds Check Out Bulgarian Spa Properties

Several Russian property investment funds have been reviewing Bulgarian properties on the Black Sea coast and in the spa areas of Bulgaria.

According to FIABCI the Russian real estate federation that focuses on Bulgarian properties,  there is growing interest by Russian investors in Bulgarian tourist property. Already many private Russian investors have purchased Bulgarian properties along the Black Sea coast and in the mountain ski resorts. These new investment funds plan to purchase Bulgaria real estate plots near Spa areas so that their can then build vacation properties to meet the growing demand from Russian investors.

Some of the funds are even considering purchasing whole complexes and then reselling these properties on the Russian market

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Bulgarian real estate agents to set new standards

Over the next six months, new European standards, regulating real estate agencies, are to be adopted by all Bulgarian real estate agents, according to Maya Staneva, Director of the Bulgarian Institute for Standards. Staneva spoke during a national conference-discussion covering the current issues in the Bulgarian real estate sector.

The new real estate standards have been worked on for the last three years and they are currently at the final ratification stage in all member countries of the European Union, including Bulgaria. Read more…

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Commercial Property in Bulgaria remains stable

New business property in Bulgaria has increased by a minimal amount in the first half of 2008. However several large scale office development are expected to enter the market over the next two years according to Raiffeisen Bulgarian Real Estate.

The market for retail and commercial Bulgarian properties remains stable and should see strong growth in the medium and the long term. It is estimated that foreign direct investments in the Bulgarian real estate market have declined by over 30% in the first six months over the year. Read more…

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New Bulgarian real estate development commences in Plovdiv

Israeli and Bulgarian real estate company Melina will start work next week on its €65M real estate development in Plovdiv city center. The Markovo Tepe Mall will contain a mix of retail and business properties with an area of 8500m2.

The main project contractor will be Turkish company Intertek who is well experienced in the Bulgarian real estate market. Forton International will arrange the market and rental of the complex. Read more…

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Bulgarian Real Estate to grow 15% in 2008

Bulgarian real estate company ERA has predicted a 15% increase in the prices of Bulgarian real estate during 2008. ERA says, the number of Bulgaria real estate deals during 2007 grew between 4% and 5%. Around 25% of the deals were made by overseas investors. 2 bedroom apartments with an approx area of 60m2 remain the most popular type of Bulgarian real estate. The annual increase of in mortgage credits is estimated at 62%, compared to an average increase of around 7% in the Eurozone area. Read more…

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No real drops for Bulgaria real estate prices from global credit crunch

Bulgarian property prices increased almost 9% in Q4 from Q3 2007. The annual price increased were just under 35%.The latest research from Industry Watch property group highlights the strong growth in the Bulgaria property market. The research agrees with statistics released by real estate consultancy Knight Frank which shows that the Bulgaria real estate market was one of the fastest growing in the word during 2007. The company reports that prices have increased by 34% on average over the last 2 years. They expect however that price increases will reduce to just 15% or 2008.

Read more…

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Attraction to Bulgarian real estate continues

Contrary to recent rumours that the Bulgarian real estate market is not so attractive to foreign investors any more, Andrew Regan, a Scottish online freelance author, comments that the Bulgarian real estate boom shows no signs of abating. “Bulgaria’s expected adoption of the Euro in 2011 means that investors need to move quickly to snap up the best deals. Bulgaria’s recent accession to the European Union has vastly increased its attractiveness to British holidaymakers as well as investment property buyers. Bulgarian real estate experts also predict an even greater demand for Bulgarian property when Bulgaria adopts the Euro in 2011,” the author said. Read more…

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Bulgarian real estate market to align standard with Europe

Bulgaria set up a special body that is to work for equalizing the Bulgarian real estate standards  to those of the other EU member states, an independent branch organization announced Friday. The new committee is to regulate the activities of the Bulgarian real estate agencies and will help to diminish grey economy in the sphere, chair of the Bulgarian Real Estate Association Lachezar Iskrov said. Head of the regulatory body was elected Asen Makedonov, who is manager of one of the biggest Bulgarian real estate companies in the country. Read more…

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