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Figures show extent of property slump in Bulgaria

Figures show extent of property slump in Bulgaria (News (General))

by administrator @, Monday, August 24, 2009, 17:53

The number of properties being sold in Bulgaria has fallen steeply in the first six months of this year and the volume of new real estate being built is also declining.

A series of new reports from the real estate industry show the full extent of the global economic downturn on the nation's property market and indicate no signs of recovery coming this year.

Real estate transactions tumbled 35% year-on-year in the first half of 2009, according to data from the Registry Agency. The downtrend affected all major cities and seaside resorts, with Sofia, Varna and Samokov region, including upscale winter resort Borovets, collapsing by around 50%. The report blamed lagging investment activity and the global financial downturn.

While the latest report from Raiffeisen Real Estate shows that property sales are down on average by 42% with Sofia transaction volumes down 58%. It also found that sales were sluggish in the once popular Black Sea resort of Sunny Beach.

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