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| The Bulgarian Property Market - Trends for 2010 | ||
In the last year due to the deepening of the economic crisis and the shock which people suffered as a result of the insecurity of their income many of the property deals did not take place. A large part of potential property buyers put off their plans of buying a real estate. If the good news about the coming out of the crisis continues and people start feeling more secure, a large part of the postponed purchases will start to be realized in 2010. The property market follows directly the development of the country’s economy so when the economy starts coming out of the crisis the real estate market will start recovering as well. As most of the deals are concluded with funding from foreign sources – foreign buyers, Bulgarians working abroad, etc, it is possible the recovery of the property market to forestall the actual economic recovery of the country by a few months. According to the forecast of the Bulgarian Finance Minister Simeon Dyankov, the economy will start recovering from May 2010 which means at least another 6 months of falling prices and fewer deals. The process of correction of offer prices will continue until they reach the level of the prices of the actual concluded deals as this is the market’s self-regulating mechanism. The faster the property prices get to the actual market levels the sooner the number of realized deals will start increasing. The first signs of the market’s recovery will be the increased number of deals mainly with quality properties in Sofia and Varna and only after that will the prices start increasing. We cannot talk of price increase in the next year or so but when this happens the prices will increase gradually, proportionally to the increase of the country’s GDP. To put it in a nutshell, in 2010 the market will have to finish the process of self-regulation after which around mid 2010 we should witness a gradual increase in the number of property deals. |
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| Monday, Jan 04, 2010 | ||
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