Another report from a company that has house and property sales first and foremost in mind desperately to try instil confidence for potential buyers to invest in Bulgaria. Just like a rat down a drainpipe, they have capture a little glimmer of hope and focused upon that. I don’t suppose they can do anything else other than that. Watch the bandwagon of hope now springboard to other Reality Estate businesses that haven’t yet close down due to lack of business. Real Estate business in Bulgaria has struggled for the last two or three years, only the big boys with big profits or amateurs with no overheads and are still around. It proves that either you invest big time or not invest at all to get through a recession. This is a worry as there are many small cowboy estate agents just not trading right now without any overheads and will start up again when it the property market picks up again. Mmmm.. reminds me of an old spider’s web, which still works.
…..The Bulgaria property sector will start to improve in the second half of this year, according to the company’s latest H1 2009 reports.
The Bulgarian property market, which was considered to be one of the top property investment destinations in the world a couple of years ago, has since suffered. The country has experience a drastic fall in international demand and a severe oversupply of homes, particularly along the Black Sea Coast.
…..data shows that the average price of a home in Bulgaria fell on average by around 14% year-on-year in Q1.
The company estimates that prices will continue to depreciate, but at a slower pace in the short term, before stabilising at the end of 2009 or early 2010.