Bulgarian property directory

The real estate market in Bulgaria has begun to stabilise, with a rise in the number of transactions concluded recorded by local agents.

Figures released by property consultancy Yavlena revealed the volume of deals climbed by 22 per cent in 2011, compared to a year earlier, the Sofia Echo reported.

However, the organisation noted the majority of the sales were for agricultural land, with the number of purchases made with a mortgage climbing by just 4.2 per cent in the same period.

Yavlena also pointed out many people seeking a property in Bulgaria are keen to buy in the lower price bracket of €25,000 (£20,624) to €50,000, although there is little supply at this end of the market.

Meanwhile, data recently published by Bulgarian Properties indicated residential real estate values in Bulgaria are stabilising, with the firm recording positive month-on-month growth in Varna and Bankso in March.

The cost of buying a home in Sofia and Sunny Beach fell marginally in the same period, while the Bulgarian capital was the only location surveyed that posted an annual increase in property prices.
 

The value of real estate in Bulgaria has fallen by approximately 50 per cent since its peak in 2008, with both ski and beach resorts hit the hardest by the downturn in the market.

This is according to chief operations manager of Bulgarian Properties Polina Stoykova, who explained that, despite the slump in prices, there is reason to be optimistic about some regions in the nation.

She highlighted the ski resort of Borovets, which has seen a rise in interest from investors, although prices slipped by an average of 18 per cent in 2011.

Another location that appears to be on the radar of those seeking real estate in Bulgaria is Sunny Beach on the Black Sea coast, where Russian buyers are helping to support the market for holiday homes.

However, the recent Knight Frank Global House Price Index did not record such dramatic falls in property values in Bulgaria during 2011. According to data published earlier this month, the cost of buying a home in the nation fell by an average of 6.2 per cent between the final quarter of 2010 and the same period 12 months later.

New research has revealed the value of Bulgarian property fell by between five and ten per cent in 2011, compared to 2010.

Propertywire reported on the data, which was gathered from brokers operating in the nation, noting that the situation is not expected to change over the course of the next 12 months.

Operations director at a Bulgarian real estate firm Polina Stoikova told the publication that the greatest demand is for properties in a low price bracket that are located in major cities.

Bansko, a ski resort, is one of the places that has experienced some of the biggest falls, with real estate values there sliding by 25 per cent during 2011, the news provider revealed.

In addition, an article in Focus earlier this month cited a study published by Presa Daily, which found home loans in Bulgaria have become more accessible.

According to the research, last year it was possible to obtain finance of between 80 per cent and 90 per cent of a residential property's value, while interest rates on mortgages have fallen and are now close to their 2008 level.
 

The third quarter of 2011 saw property prices in Bulgaria fall, the latest government figures show.

Quest Bulgaria reported on the data, noting that average residential real estate values dropped by 0.8 per cent in the three months between July and September.

Overall, house prices have slipped by 6.1 per cent since the same time last year, the news provider noted, adding that the Pleven, Yambol and Smolyan regions of the country have experienced the biggest declines.

In the recent Doing Business 2012 report published by the International Finance Corporation and World Bank, Bulgaria was highlighted for making it easier for people to register property in the nation by "offering expedited procedures".

Meanwhile, the country was also noted for its efforts to improve trading across borders and to assist with resolving insolvency, with the report stating that these measures improve the business environment.

The introduction of an online system for the submission of customs and declaration forms was one of the reasons given for its higher ranking in the trading across borders category.
 

Residential real estate in Bulgaria has seen one-third of its value wiped out since 2008, new research has revealed.

The Sofia Echo reported on a study carried out by estate agency Yavlena, which showed that property prices in the country have dropped by 20.92 per cent compared to 2008, with values declining by 8.5 per cent since last year.

Manager at the firm Strakhil Ivanov told the publication that the bottom end of the market - homes priced between €25,000 (£21,744) and €50,000 - are attracting the most attention from buyers.

Last month, International Business Times highlighted data published by Bulgarian Properties, which indicated that one of the nation's ski resorts - Bankso - had seen real estate values plummet by 50 per cent since 2008.

The publication revealed that apartments could be acquired for an average of €760 per sq m during the first eight months of this year, with prices taking a further ten per cent tumble in May.
 

There has been a significant rise in the number of new mortgages issued in Bulgaria, it has been revealed.

According to research from Credit Center, a consultancy based in Sofia, the number of home loans awarded in the second quarter of the year was 18 per cent higher than in the first three months of 2011, the Sofia News Agency reported.

Chief executive officer of Credit Center Tihomir Toshev told the press organisation that this bodes well for the Bulgarian real estate sector.

He explained that buyers and sellers have been active in all areas of the market, although the most popular kind of property is currently a two-bedroom apartment.

Mr Toshev added that "receiving credit is becoming easier and easier", which has enabled more people to purchase a home in Bulgaria.

Last month, the Sofia Echo noted that there was a 27 per cent annual rise in the number of real estate transactions in the country during the first half of the year.
 

The value of residential properties in Bulgaria dropped during the second quarter of this year, new data has revealed, compared to the same period in 2010.

Figures from the National Statistics Institute (NSI) were published by the Sofia Echo, showing that average real estate prices fell by 6.4 per cent during this time.

Meanwhile, the NSI research revealed that values declined by 1.6 per cent between April and June compared to the three months from January to March this year.

The publication noted that the largest quarterly drop was registered in Veliko Turnovo with 5.5 per cent shaved off housing values, while Sofia saw its residential prices slide by 2.1 per cent.

However, there were locations that saw real estate values rise, with Varna, Rousse and Blagoevgrad all reporting upward movements in their property markets.

This data is in contrast to one expert's predictions earlier this month that housing prices in the nation would increase by between five and six per cent over the course of the year.

Speaking to Novinite.com, chief executive officer of the Arceland asset management fund Curtis Coward stated that the country would experience "a stable annual growth rate" in its property markets in 2011.
 

The Bulgarian property market has improved since the beginning of the year, it has been reported.

Speaking to the Sofia Echo, chief operating officer of estate agency Bulgarian Properties Polina Stoykova revealed that real estate sales in the country have increased. This is attributed to falling prices that have attracted investors, as well as an upturn in Bulgaria's economy as a whole.

Ms Stoykova went on to state that Sofia and destinations along the coast of the Black Sea are the most popular locations for real estate transactions, accounting for 40 per cent of the total volume of sales in the nation between January and June.

The publication also cited data from Bulgaria's Registry Agency, which recorded a 27 per cent rise in the number of property deals carried out in the first half of the year, compared to the same six months in 2010.

Earlier this month, Curtis Coward, chief executive officer of the Arceland asset management fund, told the Sofia News Agency that he anticipates real estate values in Bulgaria to rise steadily and at a sustainable rate.
 

Real estate values in Bulgaria are set to grow at a steady annual rate of five to six per cent over the coming years, one expert has claimed.

In an interview with Novinite.com (Sofia News Agency), chief executive officer of the Arceland asset management fund Curtis Coward described this as a sustainable figure.

He went on to recommend farmland as a good real estate investment in Bulgaria, commenting that the country has "an enormous potential that is unfulfilled at this point in terms of its agricultural development".

Mr Coward also told the news provider that in time, more residential housing stock will need to be constructed to replace the buildings in poor condition, especially around big cities such as Sofia.

In the Knight Frank Global House Price Index for the first quarter of this year, Bulgaria saw property values decline by 5.6 per cent year-on-year, putting it in 44th position in the table of 50 nations.
 

Residential property prices in Bulgaria fell in the majority of regions in the fourth quarter of 2010, although there were some regional differences.

Home values in the capital Sofia fell by 9.4 per cent year-on-year and by 5.2 per cent compared to the previous quarter, while in Varna prices dropped seven per cent compared to 2009 figures.

However, the Black Sea location saw values climb 1.9 per cent compared to the previous three-month period, indicating a gradual return to strength.

The news could tempt a number of investors to look for property in Bulgaria, with some regions showing signs of improvement.

According to the analysis, by Raiffeisen Real Estate, the sluggish economic recovery, lack of jobs and rising inflation is affecting the domestic market.

“Buyers expect to get the best possible proposal within a pre-determined budget,” it said.

Meanwhile, earlier research from Bulgarian Properties found that over the past decade, residential property prices in Bulgaria have risen by an average of 200 per cent.