Bulgaria prices head south

The average price of a property in Bulgaria fell by almost a quarter during the first half of 2009 compared to the same period last year, according to a report on Bulgarian National Radio, citing data from property firm Address...

Address expects Bulgaria property prices to continue to fall throughout the rest of 2009, before potentially starting to stabilise early next year. The report says that in some towns, where property values were overinflated, prices have fallen by as much as 30 per cent.

Areas such as Lyulin, Druzba and Obelya, all of which are located in Sofia, are among those places that have undergone stern residential price corrections.

Some experts project that the Bulgarian property market will continue to struggle throughout the rest of 2009, before stabilising in early 2010.

Source: www.homesoverseas.co.uk/news