By the end of the year is expected to slightly increase the number of successful sales of luxury properties in Bulgaria, as well as price stability, predict in their analysis of Luxury Property Agency, which specializes in the segment. While maintaining peace and in the coming months is even possible to observe in the spring of 2010, small increases to 10% in the prices of the most elite and unique real estate, wrote in the analysis.
The company expected the segment of the elite property to recover the former because of their high qualities. First it would make the market in Sofia, followed by that in Varna and other cities. Transactions will resume more sensitive to the early summer of 2010
The segment of luxury properties follow the general trend for the entire market to dramatically reduce the number of transactions. At the same time, elite real estate prices remain relatively stable, but decreases reaching a maximum of 20% compared to 30-40% decline in the prices of mass properties, says the analysis. In the segment of luxury holiday properties are observed slightly larger reductions in the bids.
In the so-called "unique properties" that are positioned at the very top of the market, there was no reduction in prices, but realized and no transactions. Truly unique properties, however, are not so much at us, ie no serious competition, which appears to be another reason for their relatively stable prices.
Most wanted luxury properties
Demand for luxury property this year will be focused mainly on urban real estate in Sofia (houses and apartments). Traditional favorites are the southern districts of the capital and the supply of such properties is concentrated mainly in the elite quarters there. Buyers interested in properties in the closed complex, fully finished, with certain amenities.
For new apartments / complexes offering a good quality and really elite property stand out from the already massive offering. Prices vary according to the specific characteristics of properties that are much more diverse than those of the properties of the lower class. If you need to determine the average price for tendered luxury properties, they are in the range between 1000 and 1600 euros per sq. m, the deals are concluded mainly at levels between 1000 and 1300 euro per sq m, according to the company.
Top center is also one of the top location in Sofia and a place with a concentrations of luxuriously finished property. The majority of the dwellings, however, are in old buildings in need of major repairs, a characteristic defining them as "elite" is their location. In their bids in the range of about 2000 euro / sq. m, but the deals are concluded at around 1300 euros / sq. m
Other destinations, which attracts buyers of luxury properties, is Varna. There demand is significantly less than in Sofia, but there is a well-marked segment of the elite and high-quality properties.
Rental market in the segment
Clear tendency to shift towards renting in the presence of strong demand for rental property elite. This is another reason for maintaining stability in rental prices and failing "flooding" the market with a large number of offers for sale. Customers have to buy peace, but still need to live in quality properties. Therefore, the trend of shifting to rent even lead to a slight increase in rental prices of luxury properties, since the supply is not as great as in the properties of the lower class.
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