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Real estate prices in Sofia drop

Submitted on Tuesday, 3 February 2009No Comment

“Very few projects will begin construction in the first six months of 2009, because a large part of them will slow down or even stop because of the financial situation in Bulgaria”, said representatives of the Colliers International Bulgaria – an real estate sales company – at a press conference.

Trends indicate declining demand because of the ongoing restrictions for both investors and customers, informs the media agency Focus.

During the second half of 2008, prices of estates in almost all districts of Sofia have dropped.

The selling prices in all prestigious districts of Sofia have decreased. The prices in “Lozenets” have decreased the most – by 8%.

“For the customers, this will be a good year to choose an estate”, says Atanas Garov, chief executive of the company.

The declining demand and the large supply are the basis of these tendencies. Meanwhile, the quality of construction will increase because of the more competitive environment.