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High Prices, Hesitant Sellers on Bulgaria Real Estate Market

Date: 02.04.2009

A growth in supply of all types of property in Bulgaria and sellers who are not willing to cut asking prices describe best the current real estate market in the country, according to a local realtor analysis.

"Despite the boosted supply a large part of the sellers keep high asking prices and the market is stagnated," a report of Bulgarian Properties shows.

The sales of property in the countryside marked an average of 35% decrease in prices over the the first quarter of last year. The number of deals sealed in January and February also dropped by 36% over the same period last year.

For the first time since October an increase in the number of concluded sales over the previous month was recorded in March, going back to January levels.

"This is an indication for the market picking up, but is no cause for euphoria," the company commented.

Now is the time for bargain hunting since sale prices mark a slide and buyers have the chance to become owners of more spacious, attractive and high quality property at prices close to the levels from last year.

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