Bulgarian Property Market Expected to Revive in 2014
The Bulgarian housing market activity is expected to increase in 2014.
Prices will vary depending on the quality of the property.
The major market driver will be buyers with stable income and cash savings, according to the prognosis of the Bulgarian real estate agency Adres.
"Deposit interest rates are expected to drop further in the next 12 months and the decline of real estate prices will stop, which will activate buyers," Georgi Pavlov, executive director of Adres said.
"We expect that a lot of people who have savings accounts will consider investing in real estate, once they note the decrease in interest rates. Property investment is a safe bet, and a possible price hike would make it even more profitable," Pavlov explained.
According to Pavlov, the real estate market will be predictable and without any significant risks in 2014. The price drop is already in the past – some properties may become a few percent cheaper, however residential real estate in sought-after areas will rise in price.
The market already indicates property shortage and new construction is a scarce commodity.
Some 60% - 70% of the apartments in certain buildings still in the construction stage, have already been sold.
According to the company's expectations, many new residential properties in prime neighborhoods will be constructed next year. These new quality properties will meet buyers' requirements and will further boost the market.
The real estate market stability will result in increased transactions for EUR 55 000-60 000. More people will invest in property next year – some 15% compared to 9% in 2013.
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