Eurozone Entry: Implications for Bulgaria's Real Estate Sector
Amidst the backdrop of Bulgaria's dynamic real estate landscape, all eyes are on the potential impact of the country's imminent entry into the Eurozone
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The drop of real estate prices in Bulgaria has started to slow down, and the properties market in the country will reach its lowest point in 4-5 months.
This has been forecast by the Bulgarian real estate website topimoti.bg drawing upon data from real estate companies.
In May 2009, the average prices of real estate property on sale in Sofia were 2,8% lower than in April 2009; in June, there was a drop of 1,9% compared to May; in July - 1,6% compared to June; and in August - a decrease of only 0,6% compared to July.
The number of sale offers with lower prices because of the crisis was 6,88% of the total number of offers in Sofia in February 2009, whereas in August 2009, it was just 3,84%.
Similar trends can be seen in Bulgaria's other largest cities, Varna, Burgas, and Plovdiv.
The policy of some of the Bulgarian banks to restart offering mortgage loans even though at harsher conditions has had a positive impact on the properties market.
Companies investing in real estate, however, are still experiencing great difficulties. Along Bulgaria's Black Sea coast the construction businessmen rely mostly on Russian buyers.
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