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Sun, May 26 2013
Most property sales in Bulgaria were people wanting to escape their investment – report
Work on extending Sofia's metro underground railway system
Photo: Nadezhda Chipeva
About a third of property sales in Bulgaria in 2011 were motivated by people wanting to get out of their investments, according to a January 16 2012 report by local television station bTV.
The report, quoting a real estate agency study, said that property prices continued to fall in 2011, by nine per cent in Sofia and an average seven per cent countrywide.
However, the number of transactions was stable, according to the bTV report.
The number of transactions conducted in local currency the lev increased against those in euro, a reaction to speculation that the European Union’s common currency was headed for collapse, the report said.
More than half of those buying did so to meet their household need for accommodation, while most sellers – about a third – had put their properties on the market to get out of the investments, bTV quoted the agency as saying.
Repeating a refrain heard for several years, the agency said that the shape of the property market in Sofia in 2012 would be determined by the expansion of the public transport network as the metro railway is extended.
The agency said that it expected a 15 per cent increase in transactions in the residential areas of Nadezhda, Druzhba and Banishora, while completion of work on a metro extension would benefit the residential district of Lozenets.
The report, quoting a real estate agency study, said that property prices continued to fall in 2011, by nine per cent in Sofia and an average seven per cent countrywide.
However, the number of transactions was stable, according to the bTV report.
The number of transactions conducted in local currency the lev increased against those in euro, a reaction to speculation that the European Union’s common currency was headed for collapse, the report said.
More than half of those buying did so to meet their household need for accommodation, while most sellers – about a third – had put their properties on the market to get out of the investments, bTV quoted the agency as saying.
Repeating a refrain heard for several years, the agency said that the shape of the property market in Sofia in 2012 would be determined by the expansion of the public transport network as the metro railway is extended.
The agency said that it expected a 15 per cent increase in transactions in the residential areas of Nadezhda, Druzhba and Banishora, while completion of work on a metro extension would benefit the residential district of Lozenets.
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Bulgarian property market: Home finance easier, media report says
Nearly all banks are ready to finance between 80 per cent and 90 per cent of the price of a home, provided it is a good building in a large city, Bulgarian daily says.
Bulgarian property prices ‘have hit bottom’ brokers say – report
Property prices in Bulgaria were five to 10 per cent lower in 2011 than in 2010, while initial estimates for this year are that they will remain largely unchanged, with transactions remaining at ‘crisis levels’.
Budapest, Skopje at top among ‘Europe’s top 20 places to invest in property’
Bulgaria’s capital city Sofia ranks 17th, report says, quoting Global Property Guide.
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Landmark Centre Varna to be offered for sale on March 21
Landmark Centre Varna’s financial reports show its largest debt is an investment loan of 6.9 million euro issued by Eurobank EFG Bulgaria in mid-2008 and secured with a mortgage.
Raiffeisen Real Estate: Prices of Sofia homes returned to 2007 levels
Average market prices of homes in Sofia fell by one per cent in the fourth quarter of 2011 compared to the same period of 2010, according to the Raiffeisen Real Estate Index, as quoted by Klasa daily.
Bulgarian property market: Home finance easier, media report says
Nearly all banks are ready to finance between 80 per cent and 90 per cent of the price of a home, provided it is a good building in a large city, Bulgarian daily says.
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