Property prices in Bulgaria have dropped to 2007 levels, according to the latest survey from Raiffesisen Real Estate Agency. The price falls are spread across the market, thought the luxury real estate sector has been relatively stable. The company used date collected from 2006 to 2009 and is regarded as one of the best and most reliable for information on the Bulgarian property market.
The largest drops in real estate values come in resort towns along the Black Sea and several popular ski areas. Sveti Vlas and Slunchev Briag, or Sunny Beach in English, have seen the most substantial falls. Sunny Beach is the largest and most popular summer resort along the Black Sea, and prices have fallen to the point where a luxury three bedroom unit is now available for just €70,000.
The ski resort of Bansko is experiencing similar problems, with modern apartments going for €70,000 and even less. Some of the newer construction plans in the Alpine resort have been put on hold, and there are several partially built projects in and around the town.
In January and February of 2009, the market has moved very little as many sellers are hoping for higher prices than buyers are willing to pay.
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