Work on extending Sofia's metro underground railway system
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.