I was reading an article this morning about the Bulgarian property market.In the article it bemoaned the lack of reliable statistical information over a number of years about property prices.
Quite rightly it suggested that investors could not make informed decisions without correct information.The vast majority of figures in the Bulgarian Real Estate market are actually completely made up, mostly by agencies keen to boost the market by promoting high sales figures and prices. Only now when even the biggest idiot in Idiotsville can see that there is a serious decline, are realistic figures coming out.
These are the facts as I see it:
The Bulgarian property boom started in 2002 and peaked in 2007.In 2008/2009 prices have declined by as much as 25% (more in some places). Prices are now what they were in 2005/2006.
Wise investors, who got in early and sold at the peak, could realise up to 200% profit.Only those who invested late and/or unwisely, have lost money, if they can afford to sit tight most will still make a profit.
It is an unfortunate fact of a speculative property boom, that hard facts are the first casualty in a desire to get rich quick.
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