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Real Estate Prices Still High, Demand Tends Further Down

In January-April 2023, last year’s downward trend in real estate deals and demand continued, real estate expert Evgeni Vassilev told BTA. In his words, a property takes slightly more than 20 to 30 days to sell now, because clients are much more indecisive in wait for a more serious drop in market prices. “However, we are not seeing a price drop in any segment,” he added.

According to him, the expectations for a depreciation of real estate are probably formed as a result of what is happening in Western Europe and the US, where the property market is influenced by the rising interest rates and decreasing mortgage loans. That is not yet happening in Bulgaria; there has even been a slight rise in prices in some segments in the last six months. 

There is a noticeable drop in the number of deals here, the expert went on to say. Completed dwellings at a market price are still sold very quickly, but there are not that many such dwellings at the moment. Many buildings are in construction, but the dwellings in them are harder to sell due to concerns that the buildings will not be finished, despite the lack of such cases in Bulgaria. Most investors have serious liquidity, which helps them finish their buildings without having to rely that much on buyers during the construction work, Vassilev added.

According to him, most in demand are furnished two-room dwellings in a bigger settlement. The pandemic has made quite popular the purchase of a flat on the ground floor with a personal backyard, and many such buildings are being constructed; bigger dwellings are more in demand as well. There is also an upward trend in the demand for houses and small building lots in villages close to the capital, with some clients being ready to pay EUR 100,000 for the land only, while some three years ago their budget was EUR 30,000.

As for real estate in Bulgaria’s sea and mountain resorts, the market is beginning to recover and is now moved by Bulgarian buyers, not Brits and Russians like years ago. Most in demand are small furnished flats, the expert said. The rise in demand has led to an appreciation of real estate in Bansko and close to Sunny Beach and Sozopol, where a furnished two-room flat now costs up to EUR 65,000, compared to some EUR 35,000-40,000 three years ago.

An increase, though not a drastic one, is observed in rents, which dropped during the COVID-19 pandemic, Vassilev also told BTA.

Source: https://www.bta.bg

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