Sales of cheap apartments rose in Bulgaria

Sales of cheap apartments rose in Bulgaria

Sales of residential property of low price segment in Bulgaria climbed in the first quarter of 2013. Four of the five transactions were treated to cheap apartments costing up to €50,000, reported NewsBG.ru referring to realtors. Bought apartments mostly located in the peripheral neighborhoods of Bulgarian cities, and their area is from 45 m2 to 75 m2.

Experts note a surge of activity in the property market in Bulgaria in January and February 2013, although the beginning of the year is always considered passive period.

"Lowering prices is not expected. I believe that by the end of 2013, prices will rise slightly, and in 2014 will be even higher," said Georgi Pavlov, head of one of the Bulgarian real estate agencies.

According to the company, from January to March 2013 about 14% of the apartments were acquired for investment purposes. In the first quarter, mainly sold cheap apartments, which then will be repaired, developed are leased. The greatest demand is for two-bedroom apartments (more than half of the transactions of this type). The next most popular are three-bedroom and one-bedroom apartments.