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Demand for Bulgaria real estate properties to continue to go down

Date: 27.06.2008

The real estate property demand in Bulgaria will continue to go down this summer, according to Lachezar Iskrov, Chair of the Managing Board of the National Real Estate Association.

Statistics regarding the global real estate market published Monday by Google Trends show that interest towards properties in Bulgaria and Turkey has gown down the most in the last 12 months.

According to Iskrov such data does not reveal much connection between these trends and the mortgage crisis in the US, however, he pointed out that there was an influence in all countries leading to a slow down in real estate sales.

Property prices remain the highest in Sofia and Varna, which could be easily explained with the fact that Varna is Bulgaria's biggest summer attraction while Sofia is still experiencing high demand for residential facilities. As Iskrov had stated, both cities would preserve their leading real estate market positions.

According to Iskrov the reduction of the activity on the real estate market could be a sign that those prices have reached their highest segment level and the growth rates from 2007 and the first months of 2008 would not be matched again.

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