An increasing number of real estate agencies have financial difficulties and will stop working in the end of the year. 110 licensed brokers worked in the Burgas region in the beginning of the year. Ten of them have discontinued their activity and 30-40 are on the brink of survival. The information was confirmed by managers of leading Burgas agencies such as "Foros", "Bulgaria" and others.

Reason for the bankruptcies is the contracted market in the last year, especially after the reduction of Irish, English and German buyers, which drives the market down. Russian clients cannot compensate for the small number of Westerners. Thus, at the moment supply is considerably bigger than demand.

Employees of the bankrupt agencies will probably merge with the bigger firms in the field. The reduction of buyers shrivels the market as well which influences end prices. For the first time this year they did not increase even in the strongest season and left at levels from last year.

In Sunny Beach even third line housing complexes dropped to levels of 350-400 Euro per square meter.