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The crisis to strengthen the Bulgarian estate market

Submitted on Saturday, 6 December 2008No Comment

“The financial crisis began setting standards in the Bulgarian estate market”, said Ivan Goranov – chief associate of the consulting office Home For You.

“The calm situatuon right now will have a positive effect on the estate market – the quality firms and projects will remain, and the few entrepreneurs from other business fields, hoping for a quick cash-in, will drop off,” noted he.

According to the words of Goranov, the crisis in the crediting and estate sectors will have a positive effect on Bulgaria, removing the possibilities for an “overheat” of these sectors and the following drop of prices and loss of quality investments.

“During the last five years, the estate prices on a national level have experienced an average growth of 300%, and this can’t go on forever. It’s logical to reduce the number of speculative deals,” thinks Ivan Goranov. He adds: “This way, the Bulgarian market will become like everywhere else – the customer will visit the offered estate, think over the price and the quality and make a decision. The exceptions will remain only for really good places with a superb infrastructure and quality”.

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