Bulgaria Residential Real Estate Market Continues to Slump
Properties
The residential real estate prices in Bulgaria are down nearly 10% during the second quarter of 2009 compared to the first one.
In comparison with the same quarter of 2008 the residential market prices are down 22%.
The data was released Thursday by Bulgaria's National Statistics Institute (NSI).
During the second quarter of 2009, the price decrease was registered in all regional cities with the highest decreases in Ruse (14,4%), Vratsa (14,3%), Plovdiv (14,1%), Burgas (12,3%), Pleven (12,2%) and the capital Sofia (12%).
The average market price for residential properties is BGN 1 078 per square meter.
The Black Sea capital Varna has the highest prices - BGN 1 827 per square meter, followed by Sofia - BGN 1 745 per square meter, and the other Black Sea City, Burgas - BGN 1 472 per square meter.
Among the regional cities Kyustendil has the lowest residential property price - BGN 541 per square meter.
Uncle's View: I think the time is coming to, as a friend of mine used to say, 'Steam in and get the early value'.That is to say there are now some real bargains to be had, just came across apartments of 50m2 (for only 30,000 Euro's) 300 metres from the beach.Its getting pretty obvious that there are signs of recovery in the UK, and the Dow Jones breached the psychologically important 9,000 mark last night.Liquidity will start to come back into the lending market soon, so I am starting to feel more optimistic.
On the other hand, the latest figures for the UK economy have just been released and show that it shrank by a whooping 0.8% in the last period.Overall this is a 5.6% retraction, the worse since the Thatcher recession of 1980-83.
Uncle is always scrupulously fair, but I stick by my guns on the subject of the Bulgarian market.
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