Residential Property Prices keep falling, Varna still second

24 Oct

The average asking sales prices for residential property in Bulgaria continued to fall, though slightly, in the third quarter of 2013, data of realtors shows.

The average asking sales prices in Bulgaria’s capital Sofia stood at BGN 1 444.83 per square meter, and  Varna keeps the second place with  BGN 1 381.33 per square meter followed by Burgas – BGN 1 113.33 per square meter.

Even though prime neighborhoods had a negligible, average decrease of 1.8% in an year-on-year comparison, 2013 was the fourth year in a row when residential property prices in Bulgaria edged down.

Residential property prices marked the sharpest fall in towns, plagued by high unemployment rates, such as Vidin, Vratsa and Dobrich.

The fall in prices this time was not due to soft demand, but rather to the need of sellers to dispose of their property and get cash, as well as due to the limited budgets of the buyers, experts say.

Developers remain flexible; willing to offer attractive schemes for installment payment, finishing works or parking spaces as well as rent-to-buy opportunity.

Buyers are careful and have high expectations from the developers. Few, if any, transactions are closed on the asking sales prices.