According to analysis of BulgarianProperties.com for the property market for the 2nd quarter of this year there are quite uncertain statistics, and the stabilization in sales in June is with V-shaped movement.
According to analysts of the company in the next month the line and market development in the country until the end of the year will get clear. There is a very dynamic market and sensitivity to economic and political news, trends, and the levels of the Bulgarian Stock Exchange, which is due to the strong decline in May.
In the individual market segments notable is the 16 percent reduction in property prices in Sofia, compared to first quarter levels as the average selling price is 870 euros per square meter. The annual decrease in price is 15%. Analysis of emerging trends and changing demand for property to last year. If a year ago in the Sofia seeking small apartments (approx. 60 m2), it now relies on these to 100 sq.m.
For the last three months rent in Sofia grew about 20% as the average price is around 480 euros, against 400 for the first quarter. The increase in prices has caused a decline in volumes of transactions by 26% compared to the first quarter.
About Varna, the trend is to sell more real estate at bargain prices than residential properties in the city. The rents in Varna have increased about 10% to an average of 420 euros, due to the summer season. Rents in Varna have increased by 100 percent in the luxury segment as prices are more than 1000 euros per month.
Since March there is notable increase in the interest of foreign buyers to properties on the Black Sea coast, according to another analysis of BulgarianProperties.com. The main interest of the sea real estates focuses on cheap apartments at prices between 25,000 and 40,000 euros. The average prices per square meter based on real transactions in the sea are between 350 and 700 euros per square meter. The volume of transactions with real estate sea remains the same as during the same period of 2009 and first quarter of 2010. This trend also applies to property prices in the sea – in the second quarter the rates will change than the beginning of the year.
In Bansko there is stabilization of prices from a year, now the average rate is around 650 euro per sq m. The rates for rural properties will also change, to the levels of the second quarter of the last year.Accordingly to the beginning of this year; however, there is an increase of nearly 50%.
In most areas, continuing declines in the prices compared to average levels for 2009 are minimal, much smaller than the two-digit declines since the beginning of 2010. There are areas with rise in prices and sales of higher quality and well maintained and refurbished properties – such as a region of Pleven, where prices were much lower than average levels in the country. The prices of rural property near Varna and Dobrich, and in most regions keep the same levels . Vidin marks a significant drop in prices continued in 2009. Bourgas Rural properties are sold mainly in the west region of Karnobat, where prices are lower – on average € 9,000.
The analysis of the market under “Nationality of buyers shows alignment of the proportion of buyers – Bulgarians and Russians who are the top 20%. Followed by British (15%), but they are targeted primarily at rural properties.
Greek buyers are missing the market after a comeback in April and May. Buyers from USA, Canada, Australia, China, Japan, Spain, Finland, Belgium, Norway and Germany also present on the Bulgarian market, which is a sign of wide interest and according to global property market.