Bulgaria Residential Property Prices Down Again in 2012

The average asking sales prices for residential property in Bulgaria continued to fall, though slightly, in 2012, data of realtors shows.

Even though prime neighborhoods had a negligible, average decrease of below 5% in an year-on-year comparison, 2012 was the fourth year in a row when residential property prices in Bulgaria edged down, according to a report of imot.bg.

The average asking sales prices in prime neighborhoods such as the Doctor's Garden marked an average decrease of around 15%, but this is an exception, experts say.

Most Sofia districts saw a decrease in the average asking prices of 4-6% year-on-year, according to the report.

The fall in prices this time was not due to soft demand, but rather to the need of sellers to dispose of their property and get cash, as well as due to the limited budgets of the buyers, experts say.

Developers remain flexible; willing to offer attractive schemes for installment payment, finishing works or parking spaces as well as rent-to-buy opportunity.

Buyers are careful and have high expectations from the developers. Few, if any, transactions are closed on the asking sales prices.