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According to Bulgaria's Registry Agency, the number of property sales declined in 2016. At the same time, sales of properties under construction increased.
In the first 9 months of the year, Bulgaria's Bulstat registered more than 158 thousand property transactions, 2% fewer than in the corresponding period of 2015. The third quarter of 2016 recorded 59 thousand transactions, 5% more than the previous quarter and 0.16% fewer than the third quarter of 2015.
Experts note that the decline reflects a shift in buyers' preferences towards properties under construction rather than weaker buyer activity. Under Bulgarian legislation, preliminary contracts for properties still under construction and not commissioned are not entered in the register until the building is commissioned and the buyer and developer complete their financial settlement.
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