Return of interest in properties in the Southern Black Sea resorts
Since the beginning of the year saw a return of interest in holiday properties in the Southern Black Sea resorts - primarily to the expensive and elite estate prices from 80 thousand to 130 thousand or very cheap apartments at prices around 25 thousand - 30 thousand . euros, according to market analysis for the first quarter of Bulgarian Properties agency.
The main buyers were Russians and Russian-speaking clients. There was some movement and property market in Sofia - the interest is there mainly by Bulgarian customers, transactions are concluded and the sale and rental of residential and commercial properties in the city, brokers report.
North of the beginning of the year Mass sellers reduce prices for vacation properties in Byala, Kavarna, Golden Sands and other resorts around Varna. Property prices in these sea destinations from 360 euros per sq m for fully completed apartments.
As \"relatively successful\" winter set brokers for sales of properties in Bansko with a threefold increase in deals compared to the first quarter of 2009 average sales price of apartments in Bansko for January - March 2010 stood at levels of the second half of 2009 - 650 euros per sq m and around 40 thousand average price of apartments sold. Bids of apartments in Bansko from 500 euros per square meter
The main buyers of apartments in Bansko are Russians, but also British, Bulgarians and Greeks. Greek buyers have been quite active in January, but then suddenly totally slow and perhaps will soon be returned due to total collapse of the Greek economy, forecast by the company.
The property market in Borovets and Pamporovo, even in winter did not show development and property prices there remain more bids than the actual transactions.
The agency recalled that the victim of the crisis is precisely the segment of vacation properties - the most drastic drop in prices (often 50%) and decreased search times. The fate of built but unsold properties will be determined during this and next year, most likely they will be sold at prices well below their cost and their owners / developers will have to swallow many losses, brokers predict.
While prices of vacation properties are already very attractive candidate buyers are very demanding and have a long list of requirements - starting with the very reasonable price (about 300 to 500 euro / sq. M), good location, good quality, availability of good management and maintenance of the building, organized opportunities for hiring and generate return on investment.
Lacking any sales of green, as potential buyers will not even for sale, offered at very low prices. The agency did not expect this type have sales in the coming years.
Many construction projects are frozen in a very initial stage due to lack of funding and market saturation. There are more projects and building construction permit, which freeze. More such projects are quoted on the market, but investors no candidate for them because of poor prospects for new construction.
Published on 2012-05-22 10:17:22
Source: Investor.bg
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