Landlords going rental in Bulgaria
There is a delicate balance in real estate in Bulgaria at the moment between the value of property for sale and the cost of renting accommodation. With the falling house prices of the past year or so, rental values have suffered too and as vendors have had to swallow the pill, so do landlords.
The attraction for investors keen on buying property in Bulgaria for the purposes of relocating is having been able to immerse themselves in the market by renting before buying. Good news for landlords, bad news for vendors.
However, real estate company Address has noted that rental contracts have changed and landlords are now facing a change of fortune. Rental contracts used to be for a minimum duration of one year - landlords now are being bent into flexibility to attract and keep their tenants by offering three month contracts instead.
The problem they face is that their once loyal client base is seeing the property market at rock bottom. With good deals to be had on property in Sofia, Burgas, Varna and the like, now is the time to buy, not rent.