Real estate prices in Bulgaria ‘to rise in spring’ – report

Against a background of a 40 per cent decrease in sales of residential buildings in Bulgaria from 2008 to date, which led to sharp drops in prices, analysts of the real estate industry expect prices to increase again in spring 2013, according to a January 30 report by public broadcaster Bulgarian National Television.

Most property sales in Sofia were to people coming from elsewhere in Bulgaria, the report said.

Emil Milanov, director of a real estate company, was quoted as saying that people usually were looking for properties with a budget of about 30 000 euro, which would buy small one- and two-bedroom apartments, but there was currently a shift towards three-bedroom apartments being sought by families with children.

Most sought-after were the south districts of Sofia as well as Mladost and Lyulin, according to the report.

In Sofia, the average price of a studio apartment was up to 40 000 euro, while three-bedroom apartments range from 60 000 to 80 000 euro. In Plovdiv, prices ranged from 15 000 to 80 000 euro depending on the size of the dwelling.

On January 25, local media quoted Russian publication Ogonyok as saying that Bulgaria was the top destination in its investment ranking for Russians wanting to buy property abroad.

Bulgaria has topped this ranking every year since 2010. Reportedly, about 110 000 Russians have invested in property on the Bulgarian Black Sea coast in recent years.

(Photo: Clive Leviev-Sawyer)



The Sofia Globe staff

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