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Residential prices fall in Bulgaria, report shows
Residential property prices in Bulgaria fell in the majority of regions in the fourth quarter of 2010, although there were some regional differences. Home values in the capital Sofia fell by 9.4 per cent year-on-year and by 5.2 per cent compared to the previous quarter, while in Varna prices dropped seven per cent compared to 2009 figures. However, the Black Sea location saw values climb 1.9 per cent compared to the previous three-month period, indicating a gradual return to strength. The news could tempt a number of investors to look for property in Bulgaria, with some regions showing signs of improvement. According to the analysis, by Raiffeisen Real Estate, the sluggish economic recovery, lack of jobs and rising inflation is affecting the domestic market. “Buyers expect to get the best possible proposal within a pre-determined budget,” it said. Meanwhile, earlier research from Bulgarian Properties found that over the past decade, residential property prices in Bulgaria have risen by an average of 200 per cent. - PropertyShowrooms.com

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