Bulgaria Property Market Favors Motivated Sellers
80% of the real estate sales of residential properties during the first half of 2009 involved finished units.A two-bedroom apartment priced below BGN 50 000 sold the fastest while owners of a three-bedroom one in an area with active construction waited two to three months and in most case had to lower the initial asking price.
The data belongs to the brokerage agency Address and is based on sales in the moths of May and June because in the first 4 months of 2009, real estate activity had been so insignificant it had been impossible to define any particular trends. According to the agency the prices have dropped to their realistic levels without collapsing.
The price reduction of residential properties is 23% average for the entire country while in some areas of the biggest cities housing has been so overpriced that the cost is down by over 30%. "There is still a market for the motivated seller," Address concludes.
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