Archive for March 2012


THE BULGARIAN PROPERTY MARKET – OVERVIEW

March 30th, 2012 — 1:28pm

It is clear that the foreign buyers are the most influential on the property market in Bulgaria. Currently, the most active buyers are the Russians and the Russian speaking citizens of the former Soviet republics with share exceeding 40% of all buyers. They mainly buy holiday apartments in ready developments at the Black Sea (90% of them) at prices ranging between 20 000 Euros and 40 000 Euros. Most of these buyers come from the European part of Russia, the area of Moscow and the other large Russian cities. The interest of the Russians is based on the better property prices and the lower costs of living in Bulgaria. French, Italians, Germans and Dutch also buy properties in Bulgaria but there isn’t a specific nationality of buyers who have a significant impact on the market.

The Brits who have been the engine of the property boom in Bulgaria in previous years are not in the role of sellers. Many of them would like to sell their holiday homes due to the recession and the shortage of cash.

The property mark in the once popular Black Sea resort of Sunny Beach is almost dead and the prices have dropped by 50% since 2008. The most popular mountain resort of Bansko is full of empty developments and although the property prices have been slashed to 500-600 Euros per square metre, they still do not attract buyers. Fully furnished apartments are on the market for 18 000 Euros.

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AGRICULTURAL LAND

March 27th, 2012 — 9:52am

The sale of agricultural land in Bulgaria has peaked up in March 2012 after two months of stagnation due to the winter. The areas of Vidin, Stara Zagora, Razgrad and Haskovo are the most attractive for the buyers. In 2011 the number of sales of agricultural land has increased by 10-13% on the average and in same areas has reached 25%. In 126 000 purchases the buyers have acquired 1,185 million decars of land. The secondary market has a share of about 50% of the purchases and the expectations are in this year this share will grow to about 70%. The increase of the rent of agricultural land has been significant.

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NEW LAW

March 23rd, 2012 — 1:31pm

The National Union of the Bulgarian estate agents will propose to the parliament to pass the drafts of the new Law for the Work of the Estate Agents. This project has the support of the Notary Chamber, the Surveyors Chamber, the Builders Chamber and the Confederation of the Customers in Bulgaria. Such kind of law will regulate the business of the estate agents in the country and will impose clear rules and obligations. The new law aims to provide quality service and to establish professional ethics. All members of the union have expressed their readiness to cooperate with the state in its attempt to block all opportunities for money laundering through property purchases and sales.

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RURAL PROPERTIES

March 16th, 2012 — 7:16pm

In the beginning of 2012 the market of rural properties in Bulgaria is slower than in the same period of 2011. This might be due to the exceptionally harsh winter this year. The average price of houses sold in rural areas in the first two months of 2012 is 15 500 Euros. This price for the same period of last year was 18 900 Euros. At the same time, in 2011 there more sales of houses in the 35-45 000 Euros range. The prices of rural properties peaked in 2004-2005 but have fallen six times since then and are now selling at the price levels of 2006. However, now buyers focus on much better rural properties.

In 2011 the main interest was in rural properties in Central Bulgaria and along the Black Sea coast. The expectations are that this tendency will not change in 2012.

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BUSINESS PROPERTIES

March 12th, 2012 — 11:33am

Globally, the investments in business properties have increased by 14% in 2011 in comparison with 2010. The highest growth was in North America – 52%, followed by Europe and the Middle East – 17%. In Central and Eastern Europe, these investments have reached 19 billion Euros in 2011, which is a growth of 76% in comparison with 2010. This is 68% of the volume of their volume during the property boom years.
In 2011 the investments in business properties in Bulgaria have increased sharply in comparison with 2010. In 2010 they were 20 million Euros, while in 2011 they reached 198 million Euros, which has put the country in the first place regarding this type of investment. In the second place is Slovakia with an annual increase of 534%, followed by the Czech Republic with 366%, South Africa with 269% and Switzerland with 216%. However, the annual yield in Bulgaria has not changed – for office spaces it is about 9,5%, for shops – 9% and for industrial space it is 12%.

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