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News: Bulgaria >> South-West region >> Sofia-city district >> Stolichna municipality >> City of Sofia>> Bulgarian Real Estate Market Analysis (Jul 2009)

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Current date: 2010-02-09 07:46

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Bulgarian Real Estate Market Analysis (Jul 2009)

Properties: Tuesday, 2009-07-21 15:20
Article by: Focus Agency

Just like the prices in all the real estate market’s segments in 2008, the prices of trade areas dropped. The average decrease for the first six months of 2009 in the state is 6,71% and the drop in rents is 10,62%. That is what a report of Foros National Real Estate Company on the survey of trade areas in the first half of the year shows.

The drops in sale prices in Sofia and Varna are the largest, by respectively 11,54% and 10.92%, and the slightest decrease is registered in Stara Zagora – 0.96%, and 1,75% in Blagoevgrad.

The most serious decrease in rents was registered in Burgas – 25,71%, and 24.87% in Sofia, and the slightest decrease is in Stara Zagora – 2,7%.

In terms of rent rates, the first and second quarters of 2009 have to be considered separately.
During the first months of the year lessors still believed they could rent their space at the rates of the previous year and were not prone to reduce or negotiate rates. This is the key reason for the large number of vacated and unused spaces along downtown streets in all big cities in the country.

No sooner than the second quarter were lessors prompted by the big number of vacant spaces to consider the possibility of tradeoff and start reducing rent rates. In view of the large number of vacant retail spaces, renters re-negotiate and lower their currently padded rates to actual rent rates by 15 - 20%. Similar is the situation with shopping centers. In terms of profitability of property in the segment, the average amount for the country is 10.86%, in Sofia profitability is 9.58%, in Plovdiv - 8.65%, in Varna - 13.89%, and in Stara Zagora - 6.58%.

Scope: City of Bourgas; Town of Blagoevgrad; City of Plovdiv; City of Sofia; City of Stara Zagora; City of Varna;

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