Bulgarian Property & Real Estate News

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Bulgaria apartment prices start to bottom out

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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.

Tagged in: bulgaria apartments, bulgaria apartments for sale, bulgaria properties, bulgarian apartment, sofia property

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Property in Bulgaria still popular with overseas investors

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The latest survey from overseas property specialist TheMoveChannel has highlighted property in Bulgaria as still in the top 10 property locations for overseas investors.

The information was extracted from the overseas property enquiries received by the website during 2011. Almost 3% of enquiries related to Bulgarian property meaning property in Bulgaria was the 8th most popular choice for British buyers.

The website director Dan Johnson also mentioned that Bulgaria property sales have been increasing throughout 2011, with low prices for winter ski property attracting most investors. In his opinion it is easy to understand the increased demand as prices are now at their lowest level in many years and offer an attractive location to place funds in the current uncertain banking environment.
He expects that the trend will continue in 2012 with the focus remaining on cheap ski property in the winter resorts.

Tagged in: Bulgaria Property, bulgaria ski resorts, Bulgarian properties, Property in Bulgaria, ski property

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Bulgarian properties expected to stay flat

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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. Read more…

Tagged in: bulgaria property sales, bulgaria real estate, Bulgarian properties, bulgarian properties for sale, Bulgarian property

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Bulgarian properties in ski resorts expected to attract more Russians

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Bulgarian real estate agents are involved this week in one of the largest international property exhibitions in Moscow. They are presenting the latest Bulgarian properties to Russian investors interested in investing in Bulgaria.

With the ski season quickly approaching there is a focus on ski properties in Bulgaria. Agents are hoping to repeat the success they have had in attracting Russians to invest in the Bulgarian Black Sea coastal regions.

Attractive property prices are hoped to increase the number of Russian investors in the country’s ski resorts. Read more…

Tagged in: Bulgaria Property, bulgaria ski resorts, Bulgarian investment, Bulgarian properties, Bulgarian property, bulgarian tourism, ski property

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Bulgaria apartment prices down in Q1

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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.

Tagged in: bulgaria apartments, bulgaria apartments for sale, bulgaria real estate, bulgarian apartment, sofia property

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Bulgarian properties still popular with British real estate investors

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Bulgarian property has ranked as thirteenth in a recent survey of global property markets, which are popular with British property investors.

The Bulgarian property market has reached almost 2% of inquiries for foreign properties on the Rightmove Overseas website in January, with inquiries increasing over 40% from December.

The highest surge in the searches for Bulgarian properties on the site have been from Australia, New Zealand and Canada with inquiries up over 110% overall.

Spain continues to be the most popular destination for British real estate investors looking for foreign holiday homes.

Almost 60 billion GBP has been invested in foreign real estate by UK based investors over the last decade.

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Low tax rates boost investment in Bulgaria

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The latest research from KPMG tax consultants shows that Bulgaria is one of the top ten countries globally with the lowest tax rates. It is bettered only by tax havens like Hong Kong, the Bahamas, and Caymen Islands.

The effective tax rates are calculated using total income tax and social insurance costs over gross income before any deductions. The results factor in both the personal income tax rate and social security rates for workers earning 100,000 USD. The survey was conducted across 81 countries.

Overall the survey shows that the main area of tax rate changes in 2010 were in Europe. European citizens still pay the highest personal income taxes rates globally. Read more…

Tagged in: bulgarian economy, Bulgarian investment, investing in Bulgaria

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Bulgaria apartments popular with Russian buyers

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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…

Tagged in: bulgaria apartments, bulgaria apartments for sale, bulgarian apartment

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Increased financing helps the Bulgarian property market

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The small increase in Bulgaria’s real estate market has been accompanied by an improvement in mortgage financing according to several banks active in the Bulgarian property loan sector.

This trend has been encouraged by the stabilizing of Bulgarian property prices, which have already reached a floor. Buyers are now ready to buy and see good value in the market.

Property prices reduced just 1.5% between July and September in quarterly terms and are starting to level out. The lower rates of interest on financing and mortgages is also helping to support the market. Statistics from UniCredit Bulbank show that the Bulgarian property market is recovering the increased numbers of sales are being completed. They show that the recovery is beginning first in the luxury sector which has a smaller supply of property.

Tagged in: Bulgarian properties, bulgarian properties for sale, Bulgarian property

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Bulgarian properties start to stabilise

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The price of properties in Bulgaria are stabilizing, according to the latest results data from Bulgarian real estate agency Bulgarian Properties. Hypocredit Group are also seeing the same outcome from their recent surveys of the Bulgarian property market.

One of the reasons for the leveling off in prices is the reduced amount of new construction being released on the market. Data from the National Statistics Institute shows that construction permits for Bulgarian properties have decreased by 30% in the last 12 months. The increased availability of mortgages and credit is also helping to put a floor under the property market.

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