Bulgaria Residential Property Prices Edge Down in Q3

The average asking sales prices in Bulgaria’s capital Sofia in the third quarter stood at BGN 1 444.83 per square meter, the highest in the country. Photo by Sofia Photo Agency

The average asking sales prices for residential property in Bulgaria continued to fall, though slightly, in the third quarter of 2013, data of realtors shows.

Even though prime neighborhoods had a negligible, average decrease of 1.8% in an year-on-year comparison, 2013 was the fourth year in a row when residential property prices in Bulgaria edged down.

The average asking sales prices in Bulgaria’s capital Sofia stood at BGN 1 444.83 per square meter, in the coastal Varna – BGN 1 381.33 per square meter and Burgas – BGN 1 113.33 per square meter.

Residential property prices marked the sharpest fall in towns, plagued by high unemployment rates, such as Vidin, Vratsa and Dobrich.

The fall in prices this time was not due to soft demand, but rather to the need of sellers to dispose of their property and get cash, as well as due to the limited budgets of the buyers, experts say.

Developers remain flexible; willing to offer attractive schemes for installment payment, finishing works or parking spaces as well as rent-to-buy opportunity.

Buyers are careful and have high expectations from the developers. Few, if any, transactions are closed on the asking sales prices.

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