Natural Disasters Alter Bulgaria's Real Estate Market
Earthquakes and torrential rains that hit Bulgaria in May have altered the real estate market with preferences now geared towards lower floors and panel buildings.
The news was reported Monday by the new agency BGNES, citing a study of a leading real estate agency.
Before the earthquake, buyers have shown more interest towards middle and high floors for the beautiful view, but now they ask for first floor apartments.
74% of buyers now prefer a residence between the second and the sixth floor, compared to 63% before the tremors, while those wanting a first floor apartment went up by 6% - to 11% from the previous 5%.
According to experts from another real estate agency, the percentage of those who want an apartment on the 10th floor or above is down by 80%; the one of those favoring the sixth floor and above – by 40%, while interest towards residencies between the second and the sixth floor is up 20% and towards first floor places – close to 100%.
The earthquake also resuscitated interest towards panel buildings, which experts say are built with high safety, particularly quake-safety, standards, while the negatives are their unappealing look and lack of energy effectiveness.
Real estate brokers further forecast increased interest from residents of large cities towards low-story and modest buildings in the countryside.
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