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Friday, April 07, 2006 

Property Prices in Bulgaria Rise Significantly

The Bulgarian property market has returned to tendencies from two to three years ago, when increasing numbers of people bought terrains few kilometres off big seaside cities.

In 2004 this tendency led to property price inflation. Many people back then purchased large properties for personal needs at cheaper prices. Land has now become more expensive and owners started re-selling, tempted by the prospects of easy money, 24 Chassa reported.

Purchasers usually build small housing complexes and then sell to people wanting to live away from the densely-populated city centre. Brokers say one risk is that few people are ready to buy expensive newly-built houses such a distance away from the seashore.

People started searching for houses in remote villages with good infrastructure and good accessibility to large cities. The tendency is expected to grow, the most wanted estates being those in villages no more than 15km away from Bourgas and Varna.

Houses in the areas mentioned cost nearly 30 000 euro. Few years ago the same houses would have cost no more than 5 000 to 6 000 leva, but now that the main buyers are foreigners, prices rose significantly.

Foreigners usually buy the house and after some re-construction re-sell it at a price between 50 and100 per cent higher than the original one. Groups of British arrive with charter flights just to inspect such properties, according to 24 Chassa information.

Source: Sofia Echo

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