The real estate market since the beginning of the year in the second largest city - Plovdiv, can be divided into two halves. One half is the primary market - a market for investors. "Things continue to happen there. There continue to be properties at bargain prices, such as two-bedroom apartments up to 80,000 EUR and three-bedroom apartments up to 120,000 EUR, which is a quite affordable price. A significant number of deals are being made. Overall, we are reporting a stable volume of purchases and sales on the primary market," says Miroslav Yazov, owner of a real estate agency.
The second part of the market is the secondary. "The situation there is dramatic - there are almost no deals, and the prices are fantastic. Prices from 2200 to 2500 EUR/sq m are completely normal for such a market. Apartments sit for up to 6 months, and in my opinion they will even stay longer. Greed has overwhelmed everyone there - both brokers and owners. Things either happen very difficult there or they don't happen", commented Yazov. According to him, if a person wants to buy a property, his chance is to do it from the primary market, where there are still very good offers.
"The market is driven by greed by many people. The stable size of real estate transactions in Plovdiv does not allow more people to enter. If 2-3 years ago there were an average of 7 transactions per real estate broker per year, now a newly arrived broker can count on 4 transactions per year, one every three months, which is extremely insufficient. At the same time, transactions have increased by 1% since last year," Yazov specifies.
The secondary market will become totally overwhelming for the average person, the intermediary predicts. By the end of the year, it will be very difficult to conclude transactions on it. "Not to mention that if we adopt the euro and see prices of 3,000 EUR/sq m. and two-bedroom apartments for 200,000 EUR, which is what they actually cost in the Netherlands, then the properties will sit on the market for quite a long time," Yazov predicts.
Detailed statistics on the average prices of properties in Bulgaria by cities and neighborhoods can be seen HERE