bulgaria property upturn predicted in 2010
News Posted On: 28 January 2010
Analysts within the Bulgarian property market are suggesting that Bulgaria property could be strong going into 2010, 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 20% in 2009. 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 1686 Leva per square meter. Sofia came in second with 1585 leva for a sq m, followed by Bourgas with 1360 leva for a sq m.
According to analysts selling Bulgarian properties in the UK, 2010, is to be a good year for Bulgarian property in terms of rising foreign demand as well. Spokespeople from companies like Azure Overseas, which said that the price drops are good for some Bulgarian municipalities, because they make it more competitive with lower cost destinations.
The common thread of advice to foreign buyers is to look outside the traditional hotspots and try to predict the hotspots of tomorrow. This advice is shared with many emerging markets, because, the credit crunch and ensuing misery taught governments and councils that overdevelopment can crush construction industries, so any new emerging regions are unlikely to see overdevelopment.
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