Bulgarian property market will start to recover in 2011, predicted Shimon Ben Hamo, executive director of AFI Europe Bulgaria, Romania and Serbia. According to him, the property market in Bulgaria is attractive despite the crisis and is developing better than property market in Romania and Serbia. The reasons are low prices of the properties and cheaper building service.
According to date from AFI Europe market, property market activity during the firs quarter of 2010 is about 40% higher than the same period in 2009 . The main reason are declining housing prices. Average reduction of the property prices in large cities for 2010 is 4.21%.
Evidence of the revival of Bulgarian property market is the increased interest in last few months for sea properties in Varna, Bourgas and Veliko Tyrnovo region.
A record month in real estate market since the beginning of the crisis was reported in March in the sea capital Varna and Burgas. There is significant movement for holiday mountain properties as well.