May 28th, 2009 — 10:46am
A repossessed one-bedroom apartment in an affluent area of Sofia can be purchased for 25 000 Euros at an auction. According to the court statistics there is a boom in the number of the auctioned repossessed properties in the last few months. The information about these auctions is displayed in the municipalities and the auctions take place at the regional courts. A repossessed property is evaluated by a judge who then auctions it at 50% of the market price. Due to the recession and the collapse of the property market, there is no interest in repossessed properties. If such a property does not sell, it is offered again at an auction a month later at a price which is further 20% decreased. The expectations are that the number of the repossessed apartments will continue to grow.
1 comment » | Bulgaria, Property
October 30th, 2008 — 11:31am
Each week about 20 new repossessed properties are declared at Sofia Regional Court. All repossessed properties are listed in the Third Civil Department of the regional court. Most of them are apartments, houses and bigger buildings, agricultural land and regulated plots.
One-bedroom prefab apartment in Liulin gets a starting price of 36 000 levs, while an apartment of the same size in Mladost 4 - 74 000 levs.
A three-storey building in Vassil Levski Boulevard in the centre of Sofia has a startign price of 821 000 levs, while an apartment of 100 square metres in Strelbishte has a starting price of 205 000 levs. At the same price will start the auction for a plot of land of 5 000 square metres in Vrajdebna, a suburd of Sofia. The most expensive repossessed car has a starting price of 4 800 levs. In the process of auctioning the price very often is increased by 100%.
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