Bulgaria Cheap Properties

A growth in the price of property is expected in Plovdiv, Sliven and Yambol in 2007. The property market will fail registering record growth, Industry Watch representative Georgi Stoev said. In the end of 2006 economists predicted growth rate in the prices of property varying between 10 and 15 per cent. Developments in the beginning of 2007 confirmed these predictions, Focus news agency reported. Some

After Bulgarias EU accession the country became more than an attractive destination for holidaymakers. In addition it attracted an increasing number of foreigners keen on buying property, Deutsche PresseAgentur DPA reported. Holiday homes worth from 400 to 2000 euro per sq m were very attractive for foreign purchasers, DPA said. Some apartments located near the beach or ski lifts reached prices

A new commercial and business centre worth nearly 180 million euro will be constructed in Sofia. Austrian investment company Sparkassen Immobilien AG and German construction and investment company ECE Projektmanagement would provide the money for the construction, 24 Chassa daily reported. The mall, called Serdika Centre, will feature 200 shops having total area of 50 000 sq m, nearly 35 sq m of offices and

Bulgarias EU accession failed to cause significant change in the local property market, Forton International Property Adviser representative Valeri Vulchev said. An increasing number of conservative investors was interested in the Bulgarian property market, Vulchev said as quoted by Focus news agency. An investor carrying out a project costing at least 30 million euro in less then five years is considered conservative,

More than four million sq m of vacation property are being constructed or planned in Bulgarias resorts. In Blagoevgrad region, where the resorts of Banko, Razlog and Dobrinishte are situated, construction of more than a million sq m of vacation property was planned or launched, Yavlena real estate agency data show. The areas to be constructed were two times more than the figures for 2005, 24 Chassa daily said.

The prices of apartments in Bulgaria would probably decrease within three to four months, Yavlena real estate agency representative Anna Katsarova said. Katsarova said as quoted by 24 Chasa daily that the reason for the price decrease was that real estate owners started speculating in 2006 with Bulgarias upcoming EU accession. Calculations were based on too high expectations for price increase.

The price of property in the coastal city of Varna varied between 500 and 1500 euro per sq m, head of the Varna real estate association VANI Dobromir Ganev said. Nearly 15 000 properties were offered for sale, said Ganev. The average prices were 700 to 800 euro a sq m, Bulgarian news agency BTA reported. Predictions of major price increase related to Bulgarias EU entry have not become fact in Varna