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| Is the end of the financial crisis coming? | ||
According to an analysis, prepared by the agents and the Management of Century Homes, during the last three months there has been a positive change of the situation on the real estate market. The stagnation of the industry in Q4 2008 and the first half of 2009 that led to decrease in demand and almost 22% price reduction, is about to end. This statement of Century Homes is supported by a number of facts and figures. The prices of newly-built estates have reduced only but a little. In the Veliko Tarnovo Region they’ve stayed in the range of 400 – 500 Euro/ sq.m, and recently there have been some real deals. In the residential districts of “Kolio Ficheto”, “Buzludzha”, Akatsia”, and “Kartala” newly-built apartments are bought at 400-420Euro/per sq. m for roughly constructed estates, and at 430-450 for completed, ready-to-use residences. The prices for estates located in the central part of the city range between 500-550 Euro/sq. m for newly-builts, and 550-650Euro/sq. m for old-builts. Of course, there are properties on the market priced under that level, but with no quality or completion time guarantee. Further price reduction is possible in the rare cases of highly overpriced properties and buyers who have not been able to cover their mortgages because of the financial crisis, and are extremely pressed for money. Our statistics show that for the last quarter the number of actual clients that have made deals has risen twice, and the number of those initiating properties searches and inquiries – more than three times. For the same period on a daily average more than 2 500 pages have been viewed on our website, 60% more than the second quarter of the year. At www.ch-eu.com we have a precise statistic on the most viewed real estate listings, and in 2008 those were newly-built apartments at prices ranging between 30 000 – 40 000 Euros, and as of today, most viewed properties are finished estates costing between 25 000 – 35 000 Euros. Recently, however, we register more and more searches for houses in the surroundingñ of the city at prices ranging between 35 000-55 000 Euros. The realistically estimated and published estates are normally sold within about two months as for the last quarter, out of 40 city properties that have been published, 30% were sold for less than two months. Another factor is home loans and recent events with mortgages. Recent reductions of interest and the expected further reductions of interest seems to help “wake up” buyers, especially those who are looking for their first-time residence. It's enough to point out that, after a full year of absence, media in Bulgaria now renew their broadcasts of home loans commercials. This, in turn will make buyers who have cash and have been waiting so far, come out of the dark and start looking for the best offers. According to experts, Bulgarians have 3-4 billion Euro cash which will be used for investment in real estate very soon. This is a good way to guarantee savings after the financial crisis is over inflation is expected to take over. Now that real estate has come to current price levels, buying a real estate proves once more to be the best and most secure investment. Big Real Estate companies are in fact enjoying the healing effect of the global crisis, because it helped reduce the number of speculators on the market, leaving those in the business that offer quality service to their clients and strive to set good business rules and principles. We at Century Homes have a positive vision of our future. Standing on the successful grounds we have laid, we constantly plan our future steps. We will focus our attention to new regions in the country and we will provide a greater variety of properties in the Veliko Tarnovo region. We believe we are good enough to handle the new requirements of the future. Realities in Real Estate constantly change and we strive to stand on top by providing a long list of free services of best quality, because we believe that YOU DESERVE MORE! Bigger does not mean better, and that is why at Century Homes we are not trying to be the biggest, but the best! |
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| Wednesday, Sep 23, 2009 | ||
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