07.3.2007

Property Market in Bulgaria Counters Predictions of Experts

Price dynamics on Bulgaria ’s residential property market in 2007 refuted all expert predictions made in the end of 2006.
 
Prices rose by 10 to 15 per cent in the first two months of 2007, reaching the annual levels predicted, Dnevnik daily said.
 
Real estate agents said that the market in Bulgaria’s biggest cities like Sofia, Varna and Plovdiv was as dynamic as in December 2006. Buyers were in a hurry to purchase property while the prices were still lower than in the other European Union (EU) member states.
 
Property sellers were increasing prices for the same reason, Dnevnik said. Some sellers even canceled their offers to see whether prices will raise even more.
 
Still, some property buyers were worried by prices and property deals were finalised in a timelier manner.
 
Prices of brick and newly built properties in city centres raised the most.
 
Experts refused to predict what will happen on Bulgaria ’s property market by the end of 2007. Prices will not go down as demand exceeded several times supply in some places, they said.