Saturday, 12 December 2009

Property Prices Plummet in Bulgaria - For Good Reason

Who would want to buy property in Bulgaria right now? It’s winter, it’s an earthquake zone, there is a recession and the infrastructure fo the country is in turmoil. The language is difficult to learn as a foreigner and a large proportion of Bulgarians would leave Bulgaria if they could. It is no wonder prices are dropping? I for one can see a further fall and still no real increase in sales coming from it. I live here because I like the practical and very basic lifestyle, not as an investment in property.

Bulgaria is amongst the top four countries across the world where real estate has plummeted the most in value in the third quarter of 2009, according to the research of real estate consultants Knight Frank.

According to Knight Frank's report, which tracks 42 countries across the world, troubled Baltic states Latvia and Estonia have seen real estate valuations drop 34 per cent in the third quarter, but still not enough to rival Dubai, where the slump in the local market has reached 47 per cent.

The devaluation of real estate in Bulgaria in the third quarter, as opposed to the corresponding period of 2008, stood at 28 per cent.

Reblog this post [with Zemanta]