Growth in property sales next year

An upturn in the property market is expected next year. Increase in transactions with 5 % is the forecast of the National Association experts "Real Estates." The reason for the revival of the market in 2013 is the strong interest in real estate here of the Russians and Chinese lately. Three groups are expected to move the market - Chinese companies seeking land, mostly in northern Bulgaria, the Russians seeking a second home, and Bulgarian buyers who need a new one. For the next year, a lot of property transactions are expected to be concluded in cities like Sofia, Varna, Plovdiv and Burgas. Most preferred are going to be one and two bedroom apartments, mostly new construction, but with well-developed infrastructure- experts predict. Except for the buyers who will buy property for a new home, there are also people who will try to avoid the tax rate. They will look for opportunity to keep money without paying tax to the bank and the only option is it to invest in a real estate. "We think that a large part of the deposits that banks collect interest on them will be forwarded to the real estate market," said the experts from the National Association of the "Real Estates". Despite the strong demand on the market, which is expected next year a tangible increase in prices in the industry is not expected. Economic situation of households in the country could not bear any big price changes. So, stable prices are expected for most of the properties. A decrease in prices would be possible only for properties where something is missing - either documents, or not so good architecture or quality of performance. The old blocks where neighbors don`t keep the common areas in good condition for years and are in urgent need of repair, are expected to be among the dwellings in which a drop in prices can be expected. From National Association announced that they are ready with the law that will clear the market of "fake" brokers and agencies. The amendments will initiate a register in which only correct brokers and companies will be registered. A main requirement for them will be to have and office, experience and professional indemnity insurance. The project will be discussed in the Parliament very soon.