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Bulgarian property price falls continue, but at a slow pace


 The Bulgarian real estate market remains , after three years of property price falls.

During the first quarter of 2012, the average price of exiting flats in Bulgaria dropped by 4.3% or 452EUR which is 884BGN per sq.m ( square metre).After price falls of 6.4&, 6.1% and 6.2% over the year to the previous time of the year. The data is published by National Statistical Institute (NSI).

Property prices in Bulgaria are 38% lower than Q3 of 2008 when was the peak of 725EUR or 1 418BGN per sq.m .

A massive property price boom led prices to surge by around 300% from 2000to 2008. However, contagion from the global financial crisis caused the Bulgarian property bubble to burst by end-2008.

Despite the weak prices, the sales surged by 40% in Q1 compared to the same period last year. Property sales in Bulgaria began to pick up as early as August 2009, after month of Stagnation.

The top foreign buyers of Bulgarian properties are still British and Russian clients. They are buying holiday houses near Black Sea Coastline and in mountain regions like Veliko Tarnovo, Bansko, Pamporovo.

Russian remain net buyers. They prefer luxury houses and apartments with huge living area and lovely views towards the sea or mountains.



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