Real Estate Agents Note Increase in Sales on Bulgaria’s Black Sea Coast

Business » PROPERTIES | July 10, 2016, Sunday // 15:05| Views: | Comments: 0
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Bulgaria: Real Estate Agents Note Increase in Sales on Bulgaria’s Black Sea Coast

Real estate agents report increase in the sales of property on Bulgaria’s Black Sea coast.

According to them, the interest towards purchasing property in new buildings is returning and the market is recovering after the stagnation in the past years.

In the two largest Bulgarian Black Sea cities, the interest is much more considerable in Burgas, where sales have increased by more than 12 %, while the corresponding figure in Varna has amounted to only around 1 %.

There have been more sales in towns and resorts on the northern Black Sea coast, with the town of Byala registering an increase of more than 18 %, while in Balchik the corresponding figure has been around 9 %.

Sales in the more popular towns and resorts on the southern coast, such as Nesebar, Pomorie and Tsarevo, have decreased, private bTV station informed on Sunday.

Although the sales there might have decreased in absolute numbers, the figures were still quite high in relative terms. For example, the number of sales in Nesebar exceeded 500 in the first three months of this year.

Most often, customers are young working people aged between 25 and 40, for whom this is their first own property.

They place importance on the quality of construction and the building materials used as well as having good neighbours.

Along with Bulgarians, Russians also remain quite active on the market, despite a drop of between 20 % and 80 % in the number of Russian customers reported by different agencies.

Among the main reasons for the drop in the number of Russian customers are the sanctions imposed against Russia, the economic crisis, the devaluation of the rouble and the bans on Russian civil servants to purchase property abroad.

The forecast for successful tourist season on the Black Sea coast is expected to have positive influence on the real estate market.

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Tags: Bulgaria, Black Sea, property, real estate, market, Russia, Varna, Burgas
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