PROPERTY MARKET IN BULGARIA NEEDS PROPER MARKETING, ANALYSTS SAY
The real estate market at present
The speculations about stagnation of the real estate market, and of new buildings in particular, were ungrounded, Capital newspaper said. In Bulgaria's largest towns the supply of new buildings still under construction already exceeds the demand. Albena Stoyanova from Address real estate said that the changes were simply an indication customer requirements were higher. If until recently almost anything would sell, now a project's success would depend on its proper marketing, she added. Address experts said that real estate agencies should advertise aiming precisely at the target group for the particular property. At present similar strategies are used only when selling luxurious flats. Customers are mainly foreigners planning to offer the apartments for rent once the construction is over. The competition between the various real estate agencies has led to a slight fall in prices. Apartments in buildings still under construction are sometimes offered at prices lower than 600 euro a sq m.