Positive property signals from the ski resorts in Bulgaria
The National Real Estate Association are reporting positive property signals from the ski resorts in Bulgaria.
With the falls in prices during the last year, interest is now increasing 'significantly', says the NREA. Both local and foreign investors have expressed interest during the last month as prices have dropped, making property in the Bulgarian ski resorts a value-for-money price. The biggest fall in prices occurred in Bansko, the most popular ski resort, where prices went down by some 50% in the global downturn. Apartments in the town are now selling from 300 euros sq.m., unheard of in the last few years. The NREA added that they expected price falls to slow significantly as there is less property coming onto the market.
The first Bulgarian banks started cutting interest rates in September and others are following suit. UniCredit Bulbank has announced a lowering of interest rates, following in the footsteps of MKB Unionbank and Postbank. Bulbank are offering mortgages at 6.58%, a significant amount below current rates.
At the recent Balrec conference, figures released showed that construction fell by 20% during the month of September, with indications that construction companies will turn round during 2011. Constructors were urged to cut back their margins from the ridiculous 150% at the height of the boom years, to a more realistic and sustainable profit of 10%. (Quest Bulgaria)
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