Residential Prices in Bulgaria rise by Up to 15% in 2007
February 1st, 2007
Average price levels of residential properties on the Bulgarian middle market will increase by 5-10% in 2007, experts say. Luxurious newly built apartments and properties at key locations will command a higher increase in prices - an average of 15%, according to realtors’ forecasts for the country’s first year of EU membership, cited by 24 Hours National newspaper.
Low prices, long-term investment prospects and changes in lifestyle fuelled record-high property sales in Bulgaria for 2006. The year-end count of transactions is forecast to reach 260,000 at a combined value of more than € 5 Billion, according to our figures.
The experts comment that following the massive 25% to 30% annual capital gains of recent years, Bulgaria’s property market is now showing a much more realistic growth rate of 15% so far this year, setting the pattern for more predictable and sustainable long-term investment. In 2006 the real estate market was dynamic, with a gradual development of the prices. The number of transactions equaled 280,000 for the year which is an increase of 15% compared to the previous year, said Alan Coleman, Acting Deputy Managing Director of Buy & Sell (Bulgaria).
Real Estate Investments in Bulgaria put the country up to sixth place in the world rankings according to foreign investments in real estates statistics.
