Colliers: Real estate in Sofia continues to lose ground

Colliers: Real estate in Sofia continues to lose ground

Real estate prices in Sofia continue to decline, albeit at a slower rate than over the past year, Colliers International real estate agency said in a media statement on June 28 2010.Property levels in certain Sofia boroughs, like Lozenets, Ivan Vazov and Iztok, have reportedly "stabilised", or have dropped in value by three per cent since the turn of the year, or 17 per cent on an annual basis, Colliers said.Meanwhile, Manastirski Livadi, Vitosha, Buxton, Krustova Vada, and Gotse Delchev account for a five to six per cent decline on average since the turn of the year and up to 19 per cent drop on an annual basis.New construction in Sofia in the first quarter is reportedly half what it was in 2009. No new large projects have been launched but old projects that were temporarily frozen due to lack of funding, have "received fresh financing" and their construction has resumed.Apartments with up to two rooms, ranging from 40 000 to 90 000 euro, depending on location, are most in demand, with potential buyers searching for "quality property for under 1000 euro a sq m", the report said.In mid-May, Colliers International said that at the time it was "the perfect time for investment in real estate" in Bulgaria, saying it was a case of now or never and that the time was "exceptionally appropriate for purchasing property".Tatyana Emilova, manager at Colliers International Bulgaria, said the main factors defining the current business environment were the "affluent choice of supply" complete with "alluring price tags"; the "readiness of investors to offer flexible solutions" and "suitable credit conditions".Other experts in the field, however, believe that property prices in Bulgaria will fall by at least another 20 per cent in 2010.

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