Bulgaria’s Black Sea property prices have plummeted – real estate federation
Prices of real estate on the front rank of Bulgaria’s Black Sea coastline have fallen by 15 to 30 per cent, while prices of properties further inland around the coastal area have decreased by as much as 60 to 70 per cent, Valeri Vassilev of Imoti Bulgaria OOD told a news conference on August 25 2009.
Prices of real estate on Bulgaria’s Black Sea had decreased by an average of 40 per cent in the first eight months of 2009 compared to the same period in 2008, according to the International Real Estate Federation FIABCI - Bulgaria.
But, Vassilev said, no matter how prices for property further in from the shoreline fell, some would remain unsold for years.
In most cases, builders were selling part of their built projects at lower prices to secure working capital, Dnevnik reported Vassilev as saying.
Valetin Suikov, a member of the board of the International Real Estate Federation of Bulgaria, said that the market had reached break-even point and prices would not change much in the next two years, and the prices of quality real estate would not fall.
Vesselina Ivanova of Five Star Investments said that Russians and Ukrainians were the major investors in the Black Sea property market.
The largest interest was in golf course developments, Ivanova said.
Major problems facing the market were the complicated procedures for Russians to get Bulgarian visas and that there were no direct flights from Moscow to Bulgaria’s Black Sea cities of Varna and Bourgas outside the summer season.
Text source: sofiaecho.com
Image: Assen Tonev
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