The industry was not at its healthiest over the past 12 months for understandable reasons, but there are indications that the business outlook may be slightly more convenient for potential buyers and sellers.
The most "popular" price-tags for real estate in Bulgaria's capital Sofia and the third largest city in the country, Varna, for the final quarter of 2009 were in the range of about 40 000 euro, Address real estate agency said, quoted by Dnevnik daily on January 26 2010.
According to data from the agency, about 73 per cent of buyers from both Sofia and Varna have said that they were prepared to purchase real estate at that price, if available on offer, said Kaloyan Bogdanov, Address' marketing manager.
"Earlier in 2009, people would spend up to 50 000 euro for a home, but now they are hesitating. Most buyers simply don't have more funds to spend."
According to the current market, 40 000 currently buys in Sofia a 60 to 70 sq m flat. Bogdanov reckons, however, that due to the current declining market, customers are waiting for prices to reach a new low before they make a final decision.
The driving factor in real estate transactions in 2010, according to Tsvetelina Tasseva, manager of Address, would be the so called double estate deals whereby a customer sells a property to finance the purchase of another one.
Banks are also expected to enter the market significantly and offer houses which were foreclosed from customers who failed to cover their mortgages.
Source:www..sofiaecho.com
http://www.sofiaecho.com/2010/01/26/847870_real-estate-market-in-2010-could-become-more-flexible-as-prices-dip-further