Bulgarian Property Market Update 2015


Bulgarian Property Market Update 2015

 If you have a house to sell in Bulgaria, things look quite good for you, and it is quite likely that you will get a decent price for your Bulgaria houses for sale. 2014 was a great year for the Bulgarian property market, and saw sales worth over 240 million Euros.

2015 has continued in the same vein and those who have properties to sell in Bulgaria are certainly getting a much better price for them than they would have got in the aftermath of the global economic crisis in 2008. Many of those who had homes to sell in Bulgaria held on to them over the last few years, hoping for the strength in the real estate market to return, and it does seem that this year, their prayers have been answered.

There has been a sharp upswing in the foreign interest in the Bulgarian property market and the confidence is very much back. Investors have seized the opportunity to acquire Bulgaria apartments for sale for rock bottom prices in 2013 and 2014 and today, the prices are on the rise.

As a veteran Bulgarian real estate broker says, “An important element of the new market reality is the return of confidence in the property market. More and more buyers are thinking of buying property because real estate is a safe real asset and good investment.

“This understanding coincided with a very favorable moment in the property market development because real estate prices are currently at levels from ten years ago and respectively, the properties are much more affordable. We could also add to the picture the improved mortgage conditions now offered by the banks.”

 

 

What is evident is that the slowdown in constructions between 2008 and 2013 corrected the supply by quite a bit, leading to a much better balance between demand and supply, which has led to a noticeable increase in property prices.

Bulgaria apartments for sale in large cities and resorts such as Burgas are highly prized by foreign investors. A gradual increase in the price of both commercial and residential Bulgaria houses to sell is expected throughout the year.

What has largely driven the property market in Bulgaria over the last few years has been the great interest shown in Bulgaria homes for sale from Russian buyers. The demand from Russian buyers has declined slightly this year because of the slowdown in the Russian economy, the fall of the Rouble and strict controls placed on currency transfer by the Russian government. But still, Russians continue to be the most dominant buyers of Bulgaria properties to sell.

The reason for this is that there are over 140 million people in Russia and many of them have vast disposable incomes and a high net worth. Some are looking to diversify their assets and transfer some of their money abroad. Bulgaria offers an attractive opportunity because of the country’s closeness to Russia and the similarity between the Bulgarian and Russian cultures. Russians feel completely at home in Bulgaria, more so than in any other country in Europe.

If you’re looking to sell property in Bulgaria, it is very important to hire international property agents with excellent reputation and contacts to help market your property to overseas investors, especially those in Russia.

If you’re a British citizen looking to sell property in Bulgaria, the UK estate agents hired by you should have an excellent network in both Bulgaria and Russia and be well versed at using both traditional as well as modern methods of real estate marketing. This is the best way to sell a home in Bulgaria at the earliest opportunity and to get a good price for it.  




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