Words: Ashley Rigg
Published: 28th Octber 2009
Bulgaria: Luxury prices drop 40%
Luxury homes in parts of Bulgaria have diminished in value by about 40 per cent since the onset of the global economic downturn, while the number of sellers of such properties has doubled, according to a report in the Sofia Echo.
Since the beginning of the recession, the highest price paid for a luxury home in Bulgaria was 3000 euro a sq m. By contrast, the record deal struck for an apartment on Sofia's Narodno Subranie Sq in 2007 fetched a price of 6000 euro a sq m.
"At the start of the year, the deals volume was similar to last year's, but after March, the trend has drastically changed," says Unique Estates managing director Vessela Ilieva. "A luxury home in Sofia priced at one million euro is now perceived as very expensive," she said.
Most potential buyers are now opting to buy a luxury flat in the range of 120 000 to 150 000 euro or a single family home for about 500 000 euro, Unique Estates said.
Full story on
Sofia Echo.
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