PROPERTY SUPPLY INCREASE AFTER BULGARIA'S EU ACCESSION
The Bulgarian real estate market expects a property supply boom next year.
Many real estate owners in Bulgaria wait for January 1 2007 to offer their property for sale, hoping the country's EU accession will increase prices, Darik Radio reported. Managers of leading real estate agencies said these expectations are unfounded as prices on the Bulgarian market are already high enough. There is hardly any room for further increases, dealers said.
The increase is unjustified, since salaries have not been raised considerably and the demand for property in Bulgaria practically remains the same. The prices of luxury properties, offices and agricultural plots are the only ones to rise. Bulgarians hoping to profit from apartment sales will be disappointed, Darik Radio reported.
Most real estate owners, however, remain under the illusion that right after EU accession the demand for all property in Bulgaria will increase, leading to higher inflation on the real estate market. Consequently, experts predict a considerable rise in the number of apartments offered for sale. The increased supply may actually lead to a fall in prices. Property owners will eventually be forced to lower prices if they want to sell their property.Source: Sofia Echo