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Bulgaria's real estate market hits 24-28% rise in prices 2003
(Feb 2004- Provided by "Sofia Morning News")
The average 2003 increase of Bulgarian real estate prices is between 24 % and 28 %, the Real Estates National Association Chairman Orlin Vladikov announced on Saturday.
The boosted bank crediting at lower interest rates and the straight-forwarded state foreign policy are considered among the main reasons thereof.
Most aspired are small-sized panel apartments, between 60 and 80 sq.m., which have seen a 100 % increase in some suburbs of capital Sofia in 2003.
Increasing number of Britons are investing in property in Bulgaria
(Feb 2004- Provided by "Liverpool Daily Echo")
According to the newspaper Bulgaria is a relatively unexplored and untapped market for property buyers and hence offers the opportunity to maximise capital growth and rental yields. It is becoming increasingly popular with couples and families. Some of the most popular areas are along the Black sea coast: Nessebar, Balchik, Varna etc. The cost of living is cheap. A three bedroom house can be purchased for just Ј8,000,an 11 bed house/villa for around Ј45,500 and you can even get a 19 room hotel for pounds 345,000. Direct flights to the capital Sofia take around 2.5 hours.
Tendencies in Bulgarian real estate market
(June 2005- Provided by 'Radio Bulgaria' Article by by Milka Dimitrova)
During the last few years Bulgarian real estate market has caused a real shock. According to some real estate experts' opinion if until last year it has been considered a developing one now it can be defined as a mature, well developed market with growing tendencies similar to those in some European countries. Statistics show certain rise in peoples income which is among the major factors for bank credit loans, and this is one of the reasons for stirring the real estate market. On the other side the credit interest rates are decreased because of the strong rivalry among the banks thus making them even more attractive. After this price shock the experts expect the market to get stable and the forecast for the following 12 months is for a moderate price increase by 5 to 7%, this concerns mostly the new buildings and the new luxury living accommodation. A price rise of 15 to 20% is expected for houses, land spots and villas in the winter ski resorts such as Bansko and Borovets, as well as along the Black Sea coastline. A price fall for the panel and low quality buildings is also predicted.
Mr Deyan Kavrakov, manager of Adis Co., thinks that the building companies should get an advice from the experts monitoring the comparative research data of those Central European countries which have been through similar periods so they could forecast the coming processes as it tends to balance at some stage.
Mr Hristo Iliev, manager of Address Holding Group, predicts that regions offering lots of building possibilities will keep the same prices while those with limited building plots will become more expensive. The quality of the newly built apartments and offices will also affect the real estate market as a whole. There is a tendency of an aggressive approach on behalf of a number of European an American investment funds as well as banks and retirement funds towards the Central European markets which reflects on the Bulgarian and Romanian markets too. Big market chains like Billa, Metro, Kaufmann, Hit and Practiker have also invaded our market and they need vast areas for their shops and storage buildings.
All this as a whole will create new job opportunities as more and more business offices and industrial buildings will be opened and more people will increase their income.
- Bulgaria Real Estate -