Summing up the year, experts noted the positive dynamics of the Bulgarian property market, which has every chance to continue in the coming year, according to ee24.com with reference to the Bulgarian media.
The increase in the total number of real estate transactions is called among the positive factors of growth. As well as the price stabilization. The decline in 2013 was only 1.2% compared with an annual decrease of 10-20% that was observed in the previous years. Moreover, an increase in prices was recorded in some regions of the country.
The main prerequisite for the growth was the crisis that was negatively affecting the market for the past four years. During this period, property prices fell by 40%, while the number of transactions decreased threefold.
The specialists note that the trend towards improvement of the situation on the market contrasts with the economic and political processes in the country, which are far from ideal.
Sofia, Varna, Burgas and Stara Zagora are engines of growth. The markets recovery in this cities looks obvious. The one-bedroom apartments are becoming more popular in these cities at the expense of well- snapping in the past two-bedroom.
If the upward trend will continue in 2014, ee24.com experts predict a rise in the deficit of quality facilities, the demand for which exceeds supply today. In particular, the deficit for the prestigious property with area of 120-130 sq.m projected, as well as for the land.
Portal ee24.com expert opinions
Svetlana Geroeva, real estate expert, administrative director of Bolgarstroy - CC BG Estates:
"In 2013, an increase in demand was actually observed, not only in the segment of cheap real estate, as it was in recent years. Real estate market has survived the crisis, and the evidence is that more than 200 transactions are being recorded monthly. The entrance into the European Union went in favor for the country, as the laws relating to the construction and permitting are already clearly spelled out. The new demands urge to build better constructions of good materials. I think that prices in Bulgaria will only grow from now on because there is not very much land that would be suitable for construction. European Union clearly marked the boundaries in which you can build."
Antonia Wirth, managing partner of real estate agency Crystal Realty (Bulgaria), member of the international board of FIABCI (International Real Estate Federation):
"Generally, 2013 has become a very successful year for real estate market in Bulgaria. Prices have stabilized, supply and sales of real estate have grown. This is particularly right for coastal properties, owned by Irish and British citizens. Interest in the primary real estate market is growing among both Russian and Bulgarian investors. They buy new houses and houses under construction on the Black Sea coast. This is particularly true of Burgas and Pomorie.
The flow of tourists from Russia has increased over the year by 35%. More and more people are coming from regions of Russia. In recent years, people from large cities in Siberia prefered to rent homes in Bulgaria, while residents of Moscow and St. Petersburg prefered to buy. Burgas airport expansion has led to increase in the number of flights, which also contributed to the growth of the tourist flow and the number of property buyers from former Soviet republics, and hence to the increase in housing prices on the Black Sea."