Prices of Properties on the Black Sea Coast Rose 15%

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Prices of Properties on the Black Sea Coast Rose 15%

Prices of real estate properties on the Black Sea Coast rose 15% in one year, Teodora Simeonova, executive director in ERA Bulgaria said in Varna. She also said she expects that demand for such properties to continue to increase next year.

Currently, properties in Zlatni Piasatsi and St. Vlas are the most expensive, costing between 600 to 3,000 euros/sqm, while those in Kranevo, Byala, Obzor and Tsarevo are the cheapest.

Most buyers come from Russia and the Baltic countries. Demand from people from England, Ireland, and the Scandinavian countries is also strong. Recently the number of buyers from the Czech Republic, Romania, and Poland is also increasing. Experts forecast that the interest from Spain and Denmark will also rise.

The past year was very dynamic for the market of real estate, Mrs. Dimitrova said. Prices of homes grew 12-15%. Demand for two-bedroom apartments of about 60 square meters has been the strongest, and the prices of such rose 27% as a result.

Mortgage credits were the forces that governed the market. More than 85% of home sales were financed by such.

Buyers in Varna were mostly Bulgarians, 19% of sales were to Russians and Ukrainians. Many English and Irish citizens are also showing interest. Varna real estate is the most expensive in the country. Prices in the most attractive neighborhoods are reaching 1,300- 1,500 euros per square meter.

Experts in ERA believe that prices will continue to increase in 2008, and the hike may reach 10-15%. Next year, however, prices will depend more on quality.

The ERA Europe 2006-2007 report was presented at a press conference.

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