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News - Archive
29Mar. 2010 Bulgarian Real Estate prices continued uncertainty According our Bulgarian property market research and contacted with real estate agencies we found that the global economic downturn will have a positive effect on the Bulgarian market in 2010.
The prospective buyers of second home in Bulgaria or a flat will benefit from the crunch, and collapse in prices, and will be able to secure a good deal. Accordingly this will make the real estate market considerably more flexible that it was in 2009. In the last quarter of 2009 were processed more deals. The stimulus has come from real estate losing an average of 20% of its value.
According to analytics to another real estate agency the housing property prices in Bulgaria will hit rock bottom by the middle of 2010. Before picking up the prices will stabilize and rising again is expecting at the end of 2010 at least with 10%.
The port city of Bourgas topped the chart with 155 new buildings approved, followed by Sofia with 150 and Plovdiv with 143. The most Bulgarian apartments, however, would be built in Sofia-773, followed by varna-604.
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Feb. 2010 Real estate market in 2010 in Bulgaria could become more flexible as prices dip further Overall, real estate in Bulgaria lost around 20 per cent of its value in 2009, according to the NSI research. In the fourth quarter of 2009 alone, levels dropped in 16 municipalities across the country, the steepest of which, 6.4 per cent, was in the northern city of Pleven.
While real estate prices decreased on all fronts across Bulgaria during the year, as a direct impact of the global economic downturn, properties in Varna were offered for as much as 1686 leva for a sq m, Dnevnik reported.
Bulgaria's Black Sea port city of Varna was home to the most expensive real estate in 2009, data from the National Statistics Institute (NSI) revealed on January 25 2010.
Sofia came in second with 1585 leva for a sq m, followed by Bourgas with 1360 leva for a sq m.
However, the real worth of property in Bulgaria is somewhat difficult to calculate. While the economic crisis has undoubtedly taken its toll on the industry, the widespread practice of declaring a figure different from the actual appraised value during a transaction means that real estate pricing is hard to regulate.
Value of real estate in Bulgaria was expected to decline by another 10 per cent on average by July 2010.
The ongoing drop in value in the first half of the year was expected to be succeeded by "stabilization in the market" in Bulgaria in the second half.
For 2010, however, experts believed that there would be an increase of demand in the market as well as greater flexibility given the lower prices, and investors were said to be "willing to negotiate," Dnevnik reported.
04
Feb. 2010 New business complex in Sofia with the tallest building The new business complex that will be build in Sofia-Bulgaria is scheduled for completion in three years' time. By then, the Sofia Metro system should have expanded, with the line reaching the Inter Expo Centre expected to be operational.
The construction was launched on January 29 2010. This property will be the tallest building in Sofia, the Capital Ford business centre, Dnevnik daily reported on February 1 2010. The construction company in charge of the project is Fort Nox.
The business centre, poised to absorb about 60 million euro in investment, is to be 126m tall or nearly 20m taller than the current highest building in the capital, the four-star Rodina Hotel, which is at the Russian cenotaph in the city centre.
The total built-up area of the building will be 45000sq.m disposed on two buildings.The taller building will rise 28 storeys, 24 of which will be designated for office space. The smaller one will offer 10 000 sq m of office space, Dnevnik said.
The complex will also boast "an entertainment and recreational area, a fitness centre, a shopping centre, banks, restaurants, pharmacies, a car park with capacity for 680 vehicles as well as underground levels," the report says.
Capital Ford business complex will be on Tsarigradsko Chaussee near Metro Cash & Carry.
"The location is vital; this entire area is becoming the new gateway to Sofia," A & A Architects statement was quoted by Dnevnik.
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Dec. 2009 Improvement in the Bulgarian property market
Data from latest reports indicate increasing in the activity of the real estate market in Bulgaria after returning of Russian customers and searching of advantageous properties in popular tourist destinations.
Bulgarian property market has always been popular as one of the cheapest in the world. Also in new reports there are assumptions that active buyers will be able to use the time conclude good deal.
However, property market in Bulgaria continues to suffer from the large supply of Bulgarian real estate , as the number of sellers exceeds that of buyers.
Because of the crisis now almost every European market has a similar problem as Bulgarian market and Bulgarian properties are likely to leave it in a better position.
The popularly ski resort – Bansko at this time has very good offers for properties and good buy.
Decreased prices of sea resort properties near Varna, Dobrich, Sunny Beach, again began to attract investors from Easter Europe.
05
Nov. 2009 Property market in Bulgaria The most searched properties in Bulgaria are two – bedrooms apartments with iving area of 60–70 sq.m. The average amount, that the buyers pay at the moment for such housing in some regions in the bigger cities (Sofia, varna, bourgas),is 40–50000EUR.
Searching real estates in the segment is almost exclusively for satisfaction for their own needs. The investment goal of purchase begins to be felt only in recent weeks.
As an interesting trend of Bourgas and Varna is searching houses for permanent living in the surrounding villages, because of significantly lower prices. For example in village that is located 15-30km away from Varna you can buy new house with two bedrooms, a living room for the price of 20-25000 EUR., while in the city for this amount you can buy only studio.
The main factor is the construction type and the extent of readiness. During the period almost is missing searching of properties in early construction stages, as these properties appear to be with high risk. The main condition for purchasing an apartment in new construction is at least presence of Act. 15, and in most cases – use permit.
Another important factor for taking purchasing decision is the price. Other possible incentives are the leasing, including in the price additional extras – finishing works, built – in furniture, electric appliance.
05
Oct. 2009 Minimum foundation capital for company registration in Bulgaria only 2 BGN According to Executive director of the confederation of employers and industrialists in Bulgaria, Evgeni Ivanov, decreasing the minimal foundation capital from 5000 BGN to 2 BGN ( about 1 EUR) will create conditions for a quick registration procedure.
It is believed that this measure will raise the level of entrepreneur ship in Bulgaria.
This way the law will stimulate entrepreneurs and they will create new goods, new jobs and services. At this moment , Bulgaria is one of the countries in the world with the lowest minimum foundation capital.
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Sep. 2009 Bulgaria Real Estates buyers in a Recession Foreclosures have increased in Bulgaria, so too has the number of foreigners needing to sell in order to balance their finances back home. Buying a Bulgarian property is an investment option as the long term return offers good potential and with the way the market is today, now is the time to buy heavily discounted properties.
With prices decreasing, real estate buyers, particularly those with cash or who can obtain a mortgage, are re-entering the Bulgarian market. When prices nose dive as they have done, buying at a good price is important and easier but it is also just as critical to still buy the right house. Housing recessions come and go and it is sure that this will not be the last, so whatever property you buy you need to make sure you will be able to hold on and ride out the next downturn.
Previous recessions have shown that they are prime moments to buy properties , despite their devastating effects. With more than 30% have decreased the property prices in some areas in Bulgaria. This could be a once in a lifetime opportunity for many buyers.
Slumping properties prices can make you feel like a child in a sweet shop if you are in a position to buy. With star-dust in your eyes, it is easy to forget the fundamentals of condition, location, and whether you even really like the property. We take a look at things to consider before buying your Bulgarian property during the recession.
If you need advice our Bulgarianproperties4all team is ready to help you.
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Sep. 2009 Restoration of the housing market will go from the luxury segment Segments of the elite properties will be recovered first from the crisis because of the high quality of properties and intransient value of these properties offer - location, quality, prestige.
The market in Sofia will be restored first, followed by Varna and other cities. Definitely there is a hunger for quality housing and offices and found that the transactions will resume more sensitive to the early summer of 2010, locked by the agency for elite real estate.
By the end of 2009 is expecting a slight increase in the number of successful sales in response to positive news from the U.S. and Western Europe for out of economic crisis. Moreover, peace is back among investors and capital markets are even a month in a row on the rise. Expect stability in the prices of luxury properties.
By the end of 2009 by the agency expects a slight increase in the number of successful sales in response to positive news from the U.S. and Western Europe out of economic crisis. Moreover, calmness is back among investors and even the capital markets are in a row on the rise. Expect stability in the prices of luxury properties.
Whit calming of the property market and news about stability in the economy we expect the stress of the property market and to move buyers and sellers to return.
There are indications that banks already have enough resources and gradually returned to the granting of mortgage loans. What is needed is a new balance in the market and now everything works in this direction. Demand and supply will eventually meet again and deals will start to conclude.
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Aug. 2009 Bulgarian Black Sea properties decreased with 15 percent up to 70 percent The crisis led to a drastic reduction in property prices, acknowledged yesterday representatives from the industry. The price of the sea real estates fell from 30% to 70% compared to the same period last year. The largest decline is for properties that are on the second, third or fourth line.
The price of the dwellings that are located at first line went down less. The luxury building will not decrease so far and is not expected to have such.
Dominant part of foreign investors are now looking to buy apartments "per kilogram" of slow sell projects. "The Russians and Ukrainians are major investors for the Black Sea properties. Even at this time there is reading raising real estate market livelineless. Interest is primarily indicated to objects of North Black Sea with prices over 250 000 Eur.
Data from the registering real estate agency show that property deals for six months fell by 1/3 compared with the same period in 2008. In all big cities and sea resorts there is decreasing of property selling’s. For sofia, Varna and the region around Samokov,Borovets the collapse is about 50%. Growth of over 28% is reported in the judicial area of Razlog,Bansko and Blagoevgrad - with 17%.The real estate price in the biggest cities is around 500-600 Eur per sq.m.
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Aug. 2009 Perperikon was chief economic center in the Eastern Rhodopes Newly discovered ancient and medieval inscriptions of Perperikon define it as a significant commercial and economic center in the Eastern Rhodopes in 4-5 century.This announced professor Nikolai Ovcharov.
“The inscriptions were the first discovered epigraphic monuments of Perperikon. Information for Anatolian and Syrian settlers in this region of Thrace show strong development of economic relations within the city of the Roman Empire, "said Ovcharov.
According to him, two of the inscriptions are in Latin and dated 4-5 century. They show the economic development of Perperikon in Late Antiquity period. The inscriptions were discovered in the beat of the disclosed parts of the Roman road and blacksmith's workshop, dated 4-5 century.
In recent days was found and lead seal from the late 11th century. On it is inscribed the name of the eminent dignitary proedar Muselii Bakuriani.