Weak demand sees prices fall of winter property in Bulgaria

A leading estate agency has reported that the prices of
winter and ski property in Bulgaria are continuing to fall.  With demand for fully furnished
property in Bulgaria’s three largest winter resorts remaining low, prices have
fallen by a fifth over the last quarter with not even ‘extremely low’ prices
tempting foreign buyers.

Weak demand for winter property in Bulgaria

Bulgarian Properties, a leading estate agency, have reported
that demand for apartments in Pamporovo, Borovetz and Bansko remained low in
the second quarter of 2011. 
According to the company, the average apartment sale price in Bulgaria’s
largest winter resort, Bansko, is €27,000 (£23,670) with an average price of
€460 (£403) per square metre.  This
is compared to €585 (£513) per square meter in the previous three months.

Demand for properties is weak even though the prices of
property in Bulgaria have been described as ‘extremely low’.  Novinite, the Sofia news agency,
reports that any demand that exists is generally restricted to properties where
the vendor needs to sell very cheaply, often at a loss of 60 per cent.

Average winter apartment and rural property price in
Bulgaria falls

Bulgaria Properties also found that the average apartment
price in the second quarter of 2011 in the Borovetz resort in the Rila
Mountains is €37,000 (£32,440) or €950 (£833) per square metre.  Novinite report that the Pamporovo resort
in the Rhodope Mountain has seen very little real estate interest.

The estate agent also found that sales of rural property in
Bulgaria remained at the same level as was seen at the start of 2011 and in mid
2010.  The average sale price of a
village house in the second quarter was €16,200 (£14,200) – a decline of 6 per
cent against the first three months of 2011.

The highest number of sales of rural homes was in the
regions of Plovdiv and Stara Zagora, where both local and
overseas demand was steady.