Has the bottom been hit for the Bulgarian property market?
2009 was a disastrous year in terms of the Bulgarian property market. Property prices dropped on average by over 30% and a 40% decrease in the number of real estate deals finalised. The cities and towns that suffered the most were Bansko and Sunny Beach which both saw around a 40% decrease in property prices and rural Bulgarian property prices saw a massive decrease as well in regions such as Veliko Turnovo and surrounding villages, Montana, Kardzhali and Yambol.
However, despite the downturn in the Bulgarian property market buyers were still keeping a close eye on the property market there and bargain prices attracted buyers. Sellers prepared to sell at rock bottom prices managed to secure sales. For example I managed to secure buyers for two private property advertisers on TheTravelBug website but one had reduced the price of their old house close to Lom, in northern Bulgaria to just under 1,000 Euros and the other agreed to take half of what she paid for a very old, dilapidated house between Chirpan and Stara Zagora.
2009 was a very bad time in the Bulgarian real estate market. For the first three months of 2009, basically the market was at a complete standstill, then prices continued to drop, this brought in the bargain hunters, picking up houses and land for next to nothing from desperate buyers. Towards the end of 2009 and the beginning of 2010, prices pretty much reached rock bottom and now it is predicted prices will stabilise before starting to slowly creep back up again towards the back end of 2010.
So now is the time to look at what the Bulgarian property market has to offer and if you have been wondering about purchasing a lovely holiday home or place to retire to in Bulgaria, there isn’t a better time to buy.
