New construction boosts property market in Bulgaria

Sofia Echo, 2007-04-26

     The constantly growing provision of new construction and the low supply of panel residential property boosted the activity on the market in the first months of 2007. House sales in villages near major cities also influenced market dynamics. Many owners decided to announce their offers after holding on to their property until Bulgaria joined the EU, Dnevnik daily reported. The new prices offered are 20 to 30 per cent higher.
     Despite the significant price increase of panel residential property, many property owners in the small towns still wait for further market development.
     New construction attracts the largest number of buyers in the mountain resorts of Bansko and Razlog. The main purpose of property deals in those towns is investment.
     Properties out of the town feature among the most active segments of the market in Veliko Tarnovo.
     An increasing number of people want to rent rural houses in good condition for a long-term period. Most renters are foreigners who want to renovate their own home before moving in.

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