Bulgaria Real Estate Market Offers Fewer Price Cuts
Sellers of real estate properties in Bulgaria reduce prices less and less while prices in the largest cities show fewer reductions.
The data belongs to the brokerage site topimoti.bg
In February, in the capital Sofia, reduced price properties were 6,88% of all listings while in August they are just 3,84%.
The trend for fewer listings announcing price cuts is constant since May. In May properties cost 2,8% less compared to April but in August those prices are just 0,6% less compared to July.
Other large cities such as Varna, Burgas and Plovdiv show similar trends with Sofia remaining the most expensive location for housing properties.
The experts from topimoti say the situation is not surprising since most sellers and investors previously lowered the prices near the bare minimum.
The banks' policy to renew mortgage lending also has a positive effect on the real estate market, despite the stricter lending conditions.
Construction investors on the Black Sea Coast say they count on Russian buyers the most, but those customers are looking for finished and tastefully furnished apartments near the water and the beach.
The forecast is for the prices to continue going down less and less in the next 4 to 5 months and then hit the very bottom lows and begin going up.
Text source: novinite.com
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