Are property prices falling in Bulgaria and what are the new market trends? The manager of “CreditCenter” Tihomir Toshev gave an answer to the hot questions.
“Unfortunately, we cannot expect a drop in property prices. We have seen how the market in the last few years went through severe crises and yet prices did not fall,” he predicted.
The opposite even happened – during the coronavirus pandemic, people started looking for bigger homes. Or to put it another way, at the moment there is no prerequisite for a drop in prices, Toshev was categorical.
According to him, prices fall only in small towns that are depopulating. Property values there are low and prices will continue to fall. However, the tendency is for prices to remain the same in the ten largest cities, with the highest prices being in the nicest neighborhoods.
“My prediction is that in the coming year prices will remain at the levels they are at the moment. If we look at the number of transactions, they have decreased for four consecutive quarters, but overall prices remain high. This shows that some people can no longer they can afford to buy a property. However, this slightly cools the market and makes it a little more normal,” added Tihomir Toshev.
Intermediaries report holding prices for new construction properties. The reason is that “green” sales are falling. In the last segment, strong supply and reduced demand were recorded.
“Buyers are now pickier. When they can buy something for the same price, but in a nicer building with better space planning that adds value, they choose to go there instead of standard new construction,” said the broker Ralitsa Cenova.
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