The market of luxury properties in Bulgaria stays stable and sales prices are at levels of 1300 and 1600 EUR per sq m. In the second quarter of the year transactions occur in the high segment and at the lowest price range as well. Since the end of 2009 the prices of expensive class properties remained stable without further decline. The forecast is that the prices of luxury real estate properties will remain stable until the end of 2010.
Last year, actually completed the cycle of market segmentation and yet this type of property will be formed as a separate investment instrument that will be amenable to the general trend, especially its short-term fluctuations.
The market of the luxury properties gradually find a balance.A fall in prices over the past two quarters is below 10% and only in the first quarter of 2009 was over 20%. The market is stabilizing, and this gives security to the customers. Currently, average price per square meter for a luxury apartment is around 1500 euros.
Average prices for apartments in the capital Sofia are in the range between 1300 and 1600 euros per square meter. Prices are similar in Varna. Of course there are properties offered for sale at higher levels, but at the price of more than 1600 EUR/sq.m. transactions happen extremely rare.
It appears that Russians are mostly interested in the expensive segment, and especially to those of the sea - in and around Varna and south- around Sunny Beach, Sozopol and Lozenets. The Russians choose the properties very carefully and are looking for really luxury ones with many extras. However, experts are clear - at this stage the main buyers for this segment are Bulgarians.