Sales of luxury property are expected to rise between 10 and 15 per cent in the last quarter of 2009 compared with the previous one, according to LUXIMOTI CEO Nikola Stoyanov.
By the year's end the average price of deluxe apartments is expected to set at 1000-1300 euro per sq.m.
Stoyanov based his outlook on the positive signs for economic growth coming from the US and Western Europe. Moreover, investors' confidence is being restored and capital markets are on a steady rise.
Stoyanov forecast that in the spring of 2010 the prices of the most unique deluxe properties may rise by up to 10 per cent.
With the settling of the property market and the news of economic growth, buyers and sellers are expected to return. There are indications that banks have replenished their resources and that they are slowly easing mortgage lending.
Stoyanov said that sales are expected to pick up in Sofia first, followed by Varna and other larger cities. He projected a higher demand for quality home properties and offices and that sales will rise more considerably by the early summer of 2010.