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Experts: Bulgarian Real Estate Prices to Drop in 2011
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Prices for Bulgaian residencies are expected to drop in 2011. File photo
The prices on the Bulgarian real estate market are expected to decrease in 2011.
A harsh year for the country's real estate market is predicted, with supply outgrowing demand. However, as the first signals of overcoming the financial crisis arrive, the situation will improve, the experts say.
The property market is considered most stable in the capital Sofia, the city with the lowest unemployment rate. There is a serious demand for new real estates along Sofia's metro line.
In the third quarter of 2010, the average price was BGN 960 per square meter. In the first quarter of 2007, it was BGN 988 per square meter.
Since Bulgaria's entry to the EU, the prices started to go up from 2007. They continued to rise until the second quarter of 2008 and reached BGN 1,418 per square meter. Then, they started to go down.
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