Bulgaria residential property prices down again in 2012

Data of realtors shows, that the average asking sales prices for residential property in Bulgaria continued to fall, though slightly in 2012.

According to a report of imot.bg, average decrease of below 5% in an year-on-year comparison, 2012 was the fourth year in a row when residential property prices in Bulgaria edged down.

The expert say, that the average asking sales prices in prime neighborhoods such as the Doctor's Garden marked an average decrease of around 15%, but this is an exception.

According to the report, most Sofia districts saw a decrease in the average asking prices of 4-6% year-on-year.

The expert also say, that the fall in prices this time was not due to soft demand, but rather to the need of sellers to dispose of their property and get cash, as well as due to the limited budgets of the buyers.

Developers remain flexible; willing to offer attractive schemes for installment payment, finishing works or parking spaces as well as rent-to-buy opportunity.

Buyers are careful and have high expectations from the developers. Few, if any, transactions are closed on the asking sales prices.