Bulgarian Property Prices Continue to Slide
12 October 2011
Bulgarian property prices have fallen by 8.5% in the last year, and are now down 20.92% compared to 2008 according to new data from the estate agency Yavlena, which was published by the Sofia Echo.
Unsurprisingly properties at the bottom end of the market, priced between 25 and 50 thousand euros are attracting the most attention, said the Strakhil Ivanov, the firm's manager.
According to Bulgarian Properties, another estate agency recently quoted by the International Business Times prices in the ski resort of Bansko have fallen by 50% since 2008. Those who have worked in overseas property throughout the boom will find this as no surprise. Liam Bailey, director of Write About Property said:
"In mid-2007 I valued a newly completed 2 bedroom apartment in Bansko for a private seller. He was hoping to sell for £50,000 euros, but my research indicated that this would need to be halved if he was to have any hope of selling. The market was simply saturated with similar properties in Bansko, which had clearly been overdeveloped. Worse, it seemed that everyone had realised this simultaneously and were all trying to sell up at once."