Brokers say Bulgarian real estate market hits rock bottom
19 March 2009
Bulgarian real estate market has hit the rock bottom due to the global financial crisis, said Yavlena agency manager Strahil Ivanov. Real estate prices are likely to fall by between 5% and 10% in the following months, Ivanova added. However, he sees the market recovering in the beginning of 2010.
Moreover, Ivanov forecast that the property prices in Sofia will fall to EUR 1.600 per square meter by the end of the year versus a current EUR 2.000.
Meanwhile, Tsvetelina Taseva, executive director of Address, believes that real estate prices could drop by 20%, mainly on low demand.
Elta Consult also sees lower prices by the end of the year.
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