A growth of 5% is expected in the price of newly-built properties
Bulgaria is amongst the four European countries which marked an increase in the number of property purchases. The data was revealed by a leading real estate agency that operates in 14 European countries. The figures the agency disclosed show a rise of 43% in the number of houses and apartments bought in Bulgaria’s major cities in 2013 compared to 2012.
The reasons behind the property market revival are the lower prices and the decrease in mortgage interests’ rates. According to experts the drop in the prices which we witnessed in the last five years is now over and those who’ve waited and postponed the acquisition of a new home are now taking advantage of the favourable property market. Asking prices per square meter in Bulgaria are the lowest in Europe – with an average of €740 per sqm. In some smaller towns the figures go down as low as €200 – €300.
During the property bubble years Bulgaria was one of the countries with the sharpest drop in the numbers of deals, but 2013 was a turning point marking an increase in the numbers of properties bought. Last year saw the biggest market activity since 2010. This year’s expectations are for even higher figures because of the increased interest both from first time buyers and investors looking to buy properties for renting out.