Stability In Sunny Beach Points To Property Value Growth

2011 has ushered in a new period that has seen early stabilisation

, and now growth. 2010 also saw an increase in the number of properties for sale, without much of a corresponding increase in sales closed. Of course, this led to the softening of prices, as there were more properties for sale in the market than there were buyers to purchase them. Simple supply and demand mechanics brought the prices down.

However, there has been a recent increase in the number of deals closed, and market watchers have noticed that property prices have held steady and, in some cases, actually begun to increase again. Interest has picked up in holiday apartments, many of which are clustered around the resort area of Sunny Beach. Sunny Beach properties that are well maintained and attractively priced are finding buyers. In fact, several properties have had more than one buyer wishing to purchase, something we have not seen since the beginning of this market downturn.

New buyers are eying the Sunny Beach real estate market, as well. Purchasers from Russia, the Ukraine, China, and Japan are all demonstrating interest in a market that has not been well represented before. Of course, additional buyers will begin to put pressure on the demand side of the equation, and since prices already appear to have stabilised, we should begin to see upward pressure within the next few months. There has already been a price increase of around 2% for apartments in Sofia, the capital city. While resort locations like Sunny Beach tend to lag behind the trends for primary residence ownership, they do follow them, so it should not be long before prices begin to rise for property in Sunny Beach.

The number of deals is already showing a slight increase, and prices have averaged between 500 and 1,300 (440 to 1150) per square metre. This is a slight decrease from 2009 and early 2010, but is virtually the same as the prior quarter this year, meaning that we have likely seen the bottom of the market. Now is likely the best time to investigate the purchase of property in Bulgaria, and specifically the Sunny Beach Black Sea location. With even more equity than ever in their primary residence from staying put during the downturn, buyers are now better credit risks than before the downturn and will be offered better loan terms, should they require a loan.

With property values holding steady or growing, now is the best time to look around and find a piece of paradise in Sunny Beach that can be your private getaway. Many of these properties can be let when you are not in Bulgaria, as well, bringing you a steady source of income throughout the year. Buy at the low point of the market and lock in your profits for tomorrow with the purchase of a lovely Sunny Beach property!

by: James P Martin

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