Bulgaria property market 'expected to improve'

There is some professional optimism regarding the possibility of an upturn in the property market in Bulgaria, it has been suggested.

According to a blog on the Ireypg website, there is "good news" for investors looking to purchase a house in the eastern European country as the sector is expected to experience a boost next year.

It noted: "Most of the top-end estate agents and market analysts are predicting that a residential market recovery is expected in the first half of 2010."

According to the portal, these positive estimates come as prices dip 20 per cent lower than second-quarter figures for 2008 and the number of houses sold decreases in the first half of this year.

Those looking to put their property on the market in Bulgaria have been forced to lower the value of their domicile because of increased competition.

Research carried out by Raiffeisen Imoti recently found that investors in the country's housing sector are currently waiting to see if prices fall further before adding to their portfolio.

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