Analysts within the Bulgarian property market are suggesting that Bulgaria property could be strong into the second half of 2011, depending on how the banks read and respond to the early signs of real estate rebound.
"The market depends on the banks' behaviour," said Tsvetelina Tasseva, manager of Address.
If the banks decide to cash in quickly on homes that were requisitioned from their owners, prices will experience another fall. If they don't, the availability of desirable homes on the market will be seriously limited," she said.
According to the consensus of opinion and analysis Bulgarian property fell in value by 30% in 2010. With real estate values retreating on all fronts across Bulgaria during the year, Varna, now the most expensive City still saw properties selling at around 1150 Leva per square metre. Sofia came in second with 1085 Leva per sq m, followed by Bourgas with 995 Leva per sq m.
According to analysts selling Bulgarian properties in the UK, 2011, is to be a good year for Bulgarian property in terms of rising foreign demand as well. Experts from companies like Azure Overseas, have said that the price drops are good for some Bulgarian municipalities, because they make the market more competitive with lower cost destinations.
The common thread of advice to foreign buyers is to look outside the traditional buyer locations and try to predict the hotspots of tomorrow. This advice is shared with many emerging markets, because, the credit crunch and ensuing price adjustments has taught that overdevelopment can crush construction industries, so any new emerging regions are unlikely to see overdevelopment.
"The market depends on the banks' behaviour," said Tsvetelina Tasseva, manager of Address.
If the banks decide to cash in quickly on homes that were requisitioned from their owners, prices will experience another fall. If they don't, the availability of desirable homes on the market will be seriously limited," she said.
According to the consensus of opinion and analysis Bulgarian property fell in value by 30% in 2010. With real estate values retreating on all fronts across Bulgaria during the year, Varna, now the most expensive City still saw properties selling at around 1150 Leva per square metre. Sofia came in second with 1085 Leva per sq m, followed by Bourgas with 995 Leva per sq m.
According to analysts selling Bulgarian properties in the UK, 2011, is to be a good year for Bulgarian property in terms of rising foreign demand as well. Experts from companies like Azure Overseas, have said that the price drops are good for some Bulgarian municipalities, because they make the market more competitive with lower cost destinations.
The common thread of advice to foreign buyers is to look outside the traditional buyer locations and try to predict the hotspots of tomorrow. This advice is shared with many emerging markets, because, the credit crunch and ensuing price adjustments has taught that overdevelopment can crush construction industries, so any new emerging regions are unlikely to see overdevelopment.
For advice, assistance and information about Moving to Bulgaria, we recommend that you visit our website at MovetoBG.com - and for accommodation options, resources and services, we suggest Bulgaria Gateway
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