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Annual Report on the Bulgarian Property Market 2008/2009
By Polina Stoykova, BULGARIAN PROPERTIES
Dated: Jan 27, 2009
The analysis is based on empirical data from real completed property deals of BULGARIAN PROPERTIES
(www.BulgarianProperties.com) in 2008 compared to the ones in 2007.
PRICE VARIATION AND AVERAGE PROPERTY PRICES IN 2008
2008 was the year of the great expectations that the credit crunch, which later grew into financial, will not
affect Bulgaria. That is why in the first nine months of the year there were almost no disturbances on the
property market and good deals were concluded. However, the last three months of the year turned out to be
critical for the real estate market and for the Bulgarian economy. Buyers and sellers turned into tennants
and landlords waiting to see what the new year will bring.
The prices of the property deals in 2008 grew with 26% on average compared to those in 2007. The
upgoing trend of the market slowed down in October to such an extent that no actual price statistics could
The higher prices of the concluded deals were determined by the buyers’ preferences for properties of
higher quality and standard. This trend in the property demand started in 2008 and continues in the new
The number of real estate deals decreased by 40% in 2008 compared to 2007. This is what the statistics of
BULGARIAN PROPERTIES shows. The decrease in deals varies according to the region. The sales in
Bansko, Pamporovo and Borovets are 80% less compared to 2007. The decrease in the Black Sea resorts is
In Sofia the reduction in the realized deals is 33%, in Plovdiv – 50% and in Bourgas – 31%. There are
regions like Vidin where the decrease in deals in 2008 was only 15% compared to 2007.
The average prices of properties bought in Sofia have increased by 18.5% on average compared to 2007 as
the greatest increase was in the third quarter of the year followed by a standstill in sales and withdrawal of