Calm before the storm in Bulgaria
Property in Sofia is due for a further price fall of around 10% this year, according to industry analysts but this adjustment will be tamed by stability in the market later on in 2010.
Colliers International see the sharpest fall taking place in the early months and although it is expected to hit mainly residential property, other market sectors are not immune. A spokesman from Colliers pointed out that real estate in Bulgaria is not the driver of the country’s economy but rather more a supporting industry.
2010 is being seen as a year of optimistic growth within Bulgaria. After growth, construction levels and property values were all well down in 2009 compared to the previous year. For anyone considering buying property in Bulgaria, the turn in the tide looks to be relatively imminent.
Any deals and bargains, especially in Sofia, need to be considered now. The timing of the deal needs to be watched and with new legislation coming into force soon over cash deals, the market looks to be in for a feeding frenzy.