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Growth in residential property prices is slowing

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Growth in residential property prices is slowing

There is a slight decrease in the volume of transactions in the real estate sector in Bulgaria in 2018. This shows an analysis of the National Real Estate Association. Prices on this market are expected to grow slightly at about 2 per cent. A large number of deals are registered at the Black Sea coast - especially in the towns of Varna, Bourgas, Byala, Pomorie and Tsarevo. Overview of the situation on the Bulgarian real estate market for the period 2017-2018 made the chairman of the National Real Estate Association (NSSI) - Dobromir Ganev.

Construction activity, which is a very important element providing information for market development, was also considered. On an annual basis, there is three-digit growth in the deployed building area. In addition, there is a 30% increase in the number of building permits issued in the country. Construction activity is particularly high in housing projects.

Over 2 million square meters is the deployed area for 2018, as part of it already built. The rest is in the process of being built.

Ganev pointed out that the market for office space in the country is very weak at the expense of Sofia and Plovdiv, where office and administrative spaces are being built and sold. There is a lot of interest in office space by companies working in business process outsourcing and in the IT sector.

Some lessons to be drawn from the analysis are that the real estate market in the major cities of the country is stable, albeit with a drop in volume of transactions in the country; At the same time, the retail space market is very good, and this applies both to the shopping centers and to the main streets in the big cities.

The market is stable and predictable, very suitable for purchases, with a wide choice for customers due to the high construction activity, concluded Dobromir Ganev.

It was also said that the conditions of the banks' mortgage products are still very good.

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