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Bulgarian properties started to level out during the first half of 2006 according to leading international estate agents Colliers. The latest global price survey shows that prices for Bulgarian property were only slightly up in the last 6 months compared to the earlier period. previous years, with supply exceeding demand.
The Ivan Vazov district in Sofia is now the second highest priced location for Bulgarian property after the usual no. 1 for Sofia property – Doctor’s Garden. The average purchase prices in Doctor’s Garden reached almost 1200 euros per m2 in the first half of 2006, whereas prices in the Ivan Vazov district were averaging just 1050 euros per m2, with Lozenets following behind at 900 euros per m2.
The middle sector of the Bulgarian property market is the most lively at the moment, with very strong demand for 2 bedroom apartments in the capital. The buyers still prefer to purchase properties that are fully completed or very near to completion. The current rental yields on residential Bulgarian properties is in the range of 7 to 10%.
Outside of the capital Sofia, almost 13,000 holiday apartments have been sold in the ski resort of Bansko. Prices here have reached 1100 euros per m2 buy real estate agents are cautious about the area as they believe that supply has now exceeded demand and the construction is still
Along the Black Sea coast the sales numbers are around 6,000 holiday apartments for this year but there are over 20,000 units still under construction and there is now a serious oversupply of properties along the coastal area.
Bulgarian real estate agents suggest it is better to focus on the less developed areas as prices in these areas are expected to remain stable due to the low supply. In the areas with over supply such as Bansko and the Black Sea coast it is expected that prices will drop.