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Slightly more positive news is beginning to emerge from the Bulgaria property sector. Recent reports from several local real estate agents indicate that the is still life in the Bulgaria property market. Despite a difficult 3-4 years which saw a Bulgaria property crash due to over investment in several areas, local real estate agents Bulgarian Properties and Yavlena are predicting a better future for the Bulgaria property market.
Lately the Yavlena estate agency has reported that transaction level are up significantly in 2012 and investment deals have reached over €200 million. Recent sales show that Bulgaria property prices have stablised and are now beginning to over good value when yields and rental returns are considered.
The Bulgarian Properties agency has noted that higher end properties are doing better. During 2011 Bulgarian property prices continued to decline for lower end properties however the market for more exclusive luxury properties as held up better. In this sector of the Bulgaria property market the prices appear to have stabilized largely because there is a limited supply of suitable properties. In their recent Bulgaria real estate price reports they noted that properties in Bansko continue to decline due to oversupply in that area while chalets in Borovets and properties in Borovets ski resort are proving more resilient due to less supply and better quality.
The market of course has not returned to the glory days of 2008 when investors from all over Europe were clamoring to buy Bulgaria property. During the period 2003 to 2009 many overseas property investors considered Bulgarian property to be one of the investment hotspots in Eastern Europe. However when the global credit crisis hit in 2008 this had the effect of sucking a lot of cheap credit out the Bulgaria property market and thus effecting the price of Bulgarian properties for sale. Read more…