Analysts predict Bulgarian property market recovery in early 2010 but banks still hard on lending

[Nicholas Wallwork]

Residential property prices in Bulgaria will start to stabilise later this year and move towards recovery in the first half of 2010, according to the latest report from Colliers International.

The Bulgarian property market was considered one of the top property investments a couple of years ago but has suffered in the economic downturn and from an oversupply of apartments in popular resorts like Sunny Beach and Bansko.

The report indicates that the average price of a property in Bulgaria decreased by about 14% in the first quarter of 2009 compared with the first quarter of 2008. The worst fall in prices has been along the Black Sea coast.

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[Lysos]

"Analysts predict" Ha !. Just like they predicted the credit crunch & the gross oversupply of overpriced property in Bulgaria; just like they predicted all those developers running off with buyers' money.

Analysts predictions have as much value as Mystic Meg's lottery numbers !.

 

[okisen]

i think any upturn in the property market will come from primarily from the bulgarian consumers/buyers themselves, not from overseas investors. In spite of the crisis, the average Bulgarian household income is actually up by 6,3 % year-on-year and lower interest rates will encourage buyers with mortgages.


kas


Land in Bulgaria. Cheap Varna property

 

[Lysos]

Bulgarians will not be interested in the badly built, grossly overpriced apartments in the ski resorts and beach resorts. At least, not at the prices naive investors paid, or anywhere near.

 

[okisen]

exactly, the areas in and around major cities will fare better in my imo. Though prices will eventually rebound for holiday homes as well. it will just take longer.






Land in bulgaria. Cheap Varna land

 

[BG_Lawyer]

Bulgarians will not be interested in the badly built, grossly overpriced apartments in the ski resorts and beach resorts. At least, not at the prices naive investors paid, or anywhere near.

Hi,

You are right Lysos,

More and more of the Bulgarians even can not pay the month installments for their mortgages or consumer loans. They sell their own apartments to cover the debts and become leaseholders. I expect the boom to be next year after the winter. It is expected next year unemployed people to be more. Next year may be they will sell the properties at a lower prices just to have money in cash.