Bulgarian property market 'set to bottom out'

Bulgaria's property market will bottom out within months, it has been suggested.

Speaking at the BalRec real estate market conference in Sofia, head of economic research at UniCredit Bulbank Kristofor Pavlov said there will be three more quarters of price falls before the market stops declining.

This would mean that the sector could start improving from the middle of 2010, ahead of the end of recession in the country, which Mr Pavlov said was likely to be around the end of next year or early 2011.

Such a prediction could make spring or summer 2010 a perfect time to invest in Bulgaria.

At present, those investing in Bulgarian property should look to concentrate on upmarket towns and villages, according to lifestyle and investment magazine Quest Bulgaria.

It said that this offers a good alternative to Black Sea coast developments, with some concerns arising that these are suffering from over-building and the creation of a 'fish and chip' culture in the manner of the Spanish Costas.

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