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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.
Overall Bulgarian real estate agencies believe that prices are nearly at the bottom and while they expect real estate prices to remain broadly flat in 2012 they are confident that sales interest and completed deals should increase during the year.
They point out that prices for quality properties in the prime areas of Sofia and Varna are in fact remaining strong with properties in the better locations seeing strong demand and quick sales. In general larger 3 and 4 bedroom properties are in particular demand and also cheap properties priced around 50,000 euros.
They caution to avoid the over saturated areas such as Bansko and Sunny Beach as there is still a significant oversupply in these areas.