Analysts expect that 2012 will be again the year of the buyers. Most buyers will be first-timers. The hope is that those who have savings or free money will be bold enough to spend them on properties because of the attractive prices.
The property prices in Bulgaria will continue to fall in 2012, however the analysts do not dare to give forecasts about the amount to which the prices will drop. The expectations are that the buyers and the tenants will dictate the property prices. Most of the buyers of holiday apartments and houses will be Russian, while the buyers of all other types of property will be mostly Bulgarians. The expectations are that in 2012 cheap properties not exceeding 55 000 Euros will be in demand. Although the number of the property sales in 2011 has increased by 30% in comparison with 2010 unlike a year ago, now the buyers are spending mostly on cheap properties.
Concerning the survival of the construction companies, the European money will be of prime importance for many of them. In just one year the income of the construction industry has shrunk from 11.7 billion levs to 9.9 billion levs in 2011. Big companies will focus on the construction of apartment buildings and private investors will commission them for the construction of individual buildings. The construction of big shopping centres will continue.
The money from the European programmes will be spent for the reconstruction of hospitals, schools and cultural monuments. The greatest amount of the European money will go for the development of infrastructure. Some of these projects have to be completed in 2012.
Category: Bulgaria, Property | Tags: analysts, Bulgaria property market, cheap property, decrease, forecasts 2012, holiday homes Bulgaria, price of property, property in Bulgaria, Russian buyers - Bulgaria One comment »