Bulgarian property market shows signs of emerging from recession
30 March 2010
There is light at the end of the tunnel for the Bulgarian property market, recent figures suggest.
The Bulgarian property market is showing signs of emerging from recession, holiday home insurance customers may be interested to know.
According to the latest figures released by Eurostat, Bulgarian GDP shrank a further 6.2 per cent in the fourth quarter of last year.
However, there is light at the end of the tunnel, as industrial output grew by 4.9 per cent in the fourth quarter after a succession of quarterly declines.
Eurostat notes that during a recession, a quarter of strong growth in industrial output is usually followed by GDP growth in the following quarter.
Eurostat also found that Bulgarian labour costs rose by fastest rate in the EU, with a growth of 11.3 per cent in the fourth quarter.
As ProperyAbroad.com noted, further growth could prove very beneficial for the housing market.
Tsvetelina Tasseva, manager of the property portal Address, recently stated that with the average price of Bulgarian property falling by 20 per cent in 2009, there could be plenty of bargains to be had in hotspots such as Varna, Leva, Sofia and Bourgas this year.
Source: www.intasure.com
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