Bulgarian property prices continue to fall

Individuals interested in purchasing real estate in eastern Europe may be interested to learn that prices in the Bulgarian capital of Sofia have continued to fall throughout 2010.

According to a report by Colliers International, the rate of decline has slowed when compared to 2009, but still makes up an annual fall of 17 per cent.

Among the districts which saw the greatest falls in prices are Manastirski Livadi, Vitosha, Buxton, Krustova Vada, and Gotse Delchev, down 19 per cent an annual basis.

The study cited a large increase in supply and greater willingness from sellers to negotiate as the primary reasons for the decline in values.

Tatiana Emilova, manager at Colliers International Bulgaria, confirmed that the "increased choice of [housing] supply, together with alluring price tags and the readiness of vendors to offer flexible solutions with suitable credit conditions," was bolstering the market.

The news is sure to have an influence on the number of potential investors looking to buy Sofiya Property and capitalise on its current bargain prices.

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