What’s new on the real estate market in Bulgaria

The luxury segment, although it represents only 10% of the whole market, is always the interest which wakes up players on the market.

Comparing the rate of reduction of price with it, and this of the average class, could be reached to the conclusion that the decline is not colossal.

One of the reasons is that the majority of owners of luxury homes or houses do not experience significant financial worries and can afford to wait with the implementation of the deal.

However, there is another problem.

In the central parts of the capital and the larger cities, part of the houses that are available need to be renovated. Most of them are, and with the status of an architectural monument of culture. So even if the offer price is acceptable, then the purchaser calculates repair, which should make and bureaucratic stages that you need to go to repair the property.

In the end the price is a lot higher, and the chances of return on investment quite vague, and therefore some of the properties remain on the market, over a year.

Customers who acquire property with the help of a mortgage loan, in general take a loan within approximately EUR 30 000.

The last few months, however, we see interest to larger and luxury properties, not just 3-and 4-room apartments, but also houses in the elite neighborhoods of Sofia and Varna.

Tihomir Toshev, Manager of "Credit Center" explained that the reason is that buyers have evaluated that the bottom is actually achieved and is a good investment for the people who have the means and with the help of a loan to invest in a little more luxury properties.