Bulgarian Property Market Slumps

Bulgaria is one country which is already feeling the effects of the credit crunch with prices and sales of Bulgarian property declining. The market is so tough at the moment that some property developers are selling off their land or putting projects on hold until the market picks up again. Others are adopting a ‘wait and see’ policy, stopping work on their projects but not investing or completing projects. Many believe that the property downturn will be short lived and there is optimism that the market will pick up again in 2010.

Holiday properties seem to be the worst affected area within Bulgaria with the Registry Agency reporting a 10% decrease in the number of deals being done. Many estate agencies in the country are also reporting a surge in the number of properties, particularly in regions such as the Black Sea cost, being put up for sale.

Direct foreign investment is also said to be down, although there are many property investors – mainly from Russia and the Middle East – who are said to be snapping up good properties at bargain basement prices.

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