Bulgarian real estate prices to show increase after mid-2010
2009 was the best year for buyers of real estate in recent years because property prices fell by an average of 30%, said Krassen Yotov, an analyst at Industry Watch.
According to his estimates the property market will change significantly after mid-2010, when we can expect further increase of prices. Therefore, people who have cash are still in a strong position and can negotiate better prices, said the expert.
The analyst advised to buy homes that have already been built in 2010 because “green construction” carries a very high risk and may not be completed in the years to come. According to Yotov there is a very big difference between the prices of homes already built and those on “green”, which are significantly more expensive because of the high risk they entail.
Krassen Yotov explained that in recent years in Bulgaria is has been more advantageous to rent a property, but with the decline in housing prices it is more prudent to buy a two or three-bedroom apartment and take out a loan instead of paying rent. Overall, Industry Watch have not registered a special price difference between panel construction (old buildings) and the newly built properties.
Experts from Industry Watch expect that Bulgaria will begin to overcome the crisis in the third quarter of 2010 and register growth of around 1% of the GDP.
Text source: frognews.bg
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