Bulgarian Winter Resort Property Prices Collapse Further

Property prices in Bulgaria's largest winter resort Bansko continue to collapse. Photo by BGNES

The properties on sale in Bulgarian winter and ski resorts are continuing to go down, according to an analysis of Bulgarian Properties, a real estate agency.

The demand for fully furnished apartments in Bulgaria's three largest winter resorts – Bansko, Borovetz, and Pamporovo – remained low in the second quarter of 2011.

According to the agency, in Bansko, the largest Bulgarian winter resort, the average apartment sale price is EUR 27 000, with an average price of EUR 460 per square meter, down from EUR 585 per square meter in the previous quarter, a 20% decline.  

Even though the prices have been described as "extremely low", the demand is weak and focuses on properties whose owners are ready to sell very cheaply, often at a loss of up to 60%.

The 2011 Q2 average apartment price in the Borovetz resort in the Rila Mountain is EUR 37 000, or EUR 950 per square meter. The Pamporovo resort in the Rhodope Mountain has seen very little real estate interest.

The sales of Bulgarian rural houses in the second quarter of 2011 remains is at the level of 2011 Q1 and 2010 Q2, according to Bulgarian Properties.

The average price of a sold village house in the second quarter was EUR 16 200, and in the first quarter – EUR 17 200, a decline of 6%.

The highest number of sales of rural homes was in the regions of Plovdiv and Stara Zagora, including by a large number of Bulgarians as well as foreigners.

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