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The number of real estate deals concluded in Bulgaria in 2008 and the beginning of 2009 will be twice lower than the number of deals in 2007, mediapool.bg reported.
Since fewer purchases are made with the aim of reselling and making profit, the market has shrunk, property agency representatives said.
Residential property is affected by the crisis the least. The most noticeable decrease occurred in the sphere of vacation property, since most of the buyers are foreigners.
Supply and demand of residential property has remained stable and no major changes were registered. Some cities like Varna and Sofia even see insufficiency of residential property offers.
The tendency is valid for other countries that have turned into property hotspots. The crisis already affected Spain, Ireland, the UK and Portugal.
Since fewer purchases are made with the aim of reselling and making profit, the market has shrunk, property agency representatives said.
Residential property is affected by the crisis the least. The most noticeable decrease occurred in the sphere of vacation property, since most of the buyers are foreigners.
Supply and demand of residential property has remained stable and no major changes were registered. Some cities like Varna and Sofia even see insufficiency of residential property offers.
The tendency is valid for other countries that have turned into property hotspots. The crisis already affected Spain, Ireland, the UK and Portugal.
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