Residential property markets in Bulgaria and Romania are not quite at their lowest point and could see more declines in 2009. That’s the latest from property consultants Jones Lang LaSalle, which predicts prices in Sofia to fall by 12 percent and in Bucharest by 20 percent in 2009.
The firm expects the downward trends to continue throughout 2009. The property markets in both Bulgaria and Romania should see a turnaround in 2010. Foreign investors have been staying away from both countries, and the tight credit markets have also hurt properties.
Many analysts expect potential buyers to take a wait and see attitude on purchases. There are many properties available for very low prices now, particularly in the resort areas along the Black Sea and in the mountains, and now is a great time to get amazing deals in these areas.
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