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Bulgarian property prices set to hit 'rock bottom' in 2011
Property prices in Bulgaria are expected to hit rock bottom in 2011 before rising in value once again, it has been claimed. According to a number of estate agents operating in the country, the future for the struggling market looks bright. "Housing prices in 2011 will remain at historically low levels, but they are expected to stabilise in large regional cities and the overall decline to slow down countrywide," Teodora Dimitrova, head of the local unit of international firm ERA Real Estate, said. After Bulgaria joined the European Union at the beginning of 2007, property values in the country increased, surging to EUR 1418 per square metre in the third quarter of 2008. However, since that time, home prices have declined, with the latest statistics from Bulgarian Properties indicating that there had been a fall of around ten per cent over the course of 2010. "Even if the market has not reached absolute bottom, it is certainly close to it," Polina Stoikova, chief operating officer of Bulgarian Properties, added. - PropertyShowrooms.com

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