Bulgarian property prices decrease 15%
The financial crisis has had its effect in the tourist resort town of Pamporovo, Bulgaria.
The flats that are available in the apartment estates recently built in the town have declined slightly in value, according to a real estate agency based in Smolyan.
This is due to the current decrease in demand from foreigners to purchase property in Bulgaria. This is of course only accredited to the global financial crisis which is hitting the Western banks. Banks are reluctant in releasing loans for the purchase of property in Bulgaria and generally in overseas markets.
Until now, British clients were the main players on the market, with Irish, Russian and Spanish expats following very closely.
However, as the foreigners are now more reluctant to buy and the prices are going down, it is a good moment to make investments in property in Bulgaria at very low prices.
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