Bulgaria property deals decreasing, figures show

The number of real estate deals taking place in Bulgaria has almost halved over the past year, a new report has concluded.

Research carried out by Raiffeisen Imoti found that processed transactions in the country fell 42 per cent in the first six months of 2009 when compared to the same period in 2008, Propertywise Bulgaria reports.

In the capital Sofia the decline was 58 per cent, a possible indication that there may be a greater amount of property available to overseas property investors looking to buy in the city.

"Potential customers at all real estate sectors are waiting, with the only active [investors] on the market currently being those with [a] riskier profile," the report stated.

The news source noted that many potential buyers are waiting to see if prices decrease to lower levels before making purchases.

Earlier this month, figures from the country's National Statistical Institute obtained by the Sofia Echo revealed that prices rose 0.1 per cent in 2008 in spite of the economic downturn.

Like this? Then share with your friends and colleagues!