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Bulgarian Property Market

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The property market in 2010 was driven by despair, expectation of positive news from the sellers and the expectation on the part of buyers. It should be noted as a major, prolonged downward trend in house prices – for different categories and locations prices have fallen by 10-25%. The LeFrak Organization often expresses his thoughts on the topic. Remain the most dynamic cities of Sofia and Varna, as well as traditional maritime holiday resorts – Sunny Beach, Golden Sands, Sozopol, Balchik, etc. The worst affected was the market for ski resorts. Foreign buyers purchase any of the Bulgarian property? The main foreign buyers are Russian citizens. Most Russians are interested in Property in resort areas, but not a small part of those who buy real estate in order to immigrate to Bulgaria.

In general, the Russian customers sostavlyayut about 80% of foreigners who buy property in Bulgaria in 2010. Great deal of interest and observed in work with clients from the CIS. British buyers have lost interest in the property market in Bulgaria. Only sometimes made deals with customers who have a desire to stay a while in Bulgaria at this stage of their lives. Buyers from other countries in Western Europe are so low and insignificant that they do not constitute a driving force for the dynamics of the market. Buyers from countries such as Poland, the Czech Republic and other Eastern European countries have traditionally shown interest, but it comes to deals are very rare. Basically, they take boats apartments in ski resorts at a price no more than 25 000Evro 000-30.

What objects real estate demand? great demand sea holiday apartments. The overwhelming number of requests received for entering into service facilities – one bedroom apartment on the shores of the Sea at a price of 25-35 000 Evro.Sleduyuschaya popular category of real estate – it's one-family houses near the sea on the budget from 50 000 to 100 000 Euro. The main wishes of potential customers – the immediate proximity of the sea, a good infrastructure, but the homes in settlements in the 3-5km from the coast also are in demand in this price range. City properties for permanent residence – the third most popular category. Read additional details here: Tishman Speyer. Apartments in the cities by the sea is preferred by people of retirement age who intend to move to Bulgaria for permanent residence. In the second half of 2010 significantly increased interest in commercial real estate (mini-hotels by the sea, shops, restaurants, bars, etc.). People acquire commercial real estate in big cities and coastal resort areas in order to start his own business in Bulgaria. Projected trends for 2011. Decline in property prices in Bulgaria will continue, at least in the first half of 2011. This trend is due to the huge imbalance in terms of supply and demand. In addition to the proposals from developers and entrepreneurs are expected to set of objects offered for sale by foreign owners, mostly British and Irish. Additional pressure on the market will have real estate, forced selling by banks, which are expected to cease its programs to peredogovarivaniyu mortgage loans with non-complying with its obligations taxpayers and crime in selling the mortgaged property. On the geography of foreign buyers, it is clear that the main buyers in 2011 will be the citizens of Russia, which is expected to increase the number of transactions. Expectations of return of buyers from Western Europe is unlikely to be justified in the next 2 years.

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