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At an exchange rate of 65 rubles to the euro, a two-room apartment with a sea view could be bought for 1.3 million rubles. At 85 rubles to the euro, the same apartment costs 1.7 million rubles. With Russians’ purchasing power declining and the political and economic situation in their country remaining difficult, new trends are emerging in Bulgaria’s property market.
More owners want to sell their Bulgarian homes
In 2013, Russian citizens were the leading buyers of property in Bulgaria. Three years later, they have become the leading sellers. Experts believe that 20% of owners, including Russians, will try to sell their homes. This means many new listings will appear on the resale property market.
Property prices could fall by up to 20%
With the number of properties on offer increasing, it is reasonable to expect prices to fall. For example, some experts forecast a 10% price decline in the first quarter of 2016, followed by stable prices in the second and third quarters and another 10% fall in the fourth quarter.
Growing demand for additional services
Real estate agencies in Bulgaria are already reporting more requests for additional services connected with transfers of ownership, including gifts, inheritance and divorce. Demand for services related to renting out homes is also increasing.
