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Bulgarian property values 'down significantly'

Date : (News Section: Bulgaria)

Bulgarian property values 'down significantly'

The value of real estate in Bulgaria has fallen by approximately 50 per cent since its peak in 2008, with both ski and beach resorts hit the hardest by the downturn in the market.

This is according to chief operations manager of Bulgarian Properties Polina Stoykova, who explained that, despite the slump in prices, there is reason to be optimistic about some regions in the nation.

She highlighted the ski resort of Borovets, which has seen a rise in interest from investors, although prices slipped by an average of 18 per cent in 2011.

Another location that appears to be on the radar of those seeking real estate in Bulgaria is Sunny Beach on the Black Sea coast, where Russian buyers are helping to support the market for holiday homes.

However, the recent Knight Frank Global House Price Index did not record such dramatic falls in property values in Bulgaria during 2011. According to data published earlier this month, the cost of buying a home in the nation fell by an average of 6.2 per cent between the final quarter of 2010 and the same period 12 months later.


Article created on behalf of News Desk ()

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