The increased property seeking trend that has been felt on the Bulgarian real estate market will continue throughout the year. The prognosis was expressed by a leading real estate agency. The report it issued notes that property prices in the begininng of 2014 are considered to be at their most affordable rate for the last 10 years. Financial institutions are now offering better terms for their mortgage loans and are also prone to renegotiate the clauses of already existing ones; thus contributing to the property market revival.
Currently there are two active groups at the property market. In their home seeking efforts the first of them is propelled by the actual need of a place to live in and is more interested in cheap, affordable apartments. The other group is the one of wealthier buyers which are looking for more spacious and luxurious, high-end properties.
Buyers looking for a property with the aim of investment are presently a rarity on the market compared to the housing boom years; but nonetheless there are signs that there are returning and will soon start purchasing properties.
The report also says that customers are starting to be more selective, trying to achieve the best possible ratio of price – quality.
The figures revealed in the report show a price drop of 2 percent on a yearly basis based on the Bulgarian National Statistic Institute data; these specifics are indicative of the prevailing property market trend, namely a halt in property prices decrease tendency and gradual stabilization.
The real estate agency expects an increase in property demand in the nearby future. The data disclosed in the report also points out that at the moment there is an increased interest in bigger, more spacious apartment in smaller buildings.
