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Property Slump In Bulgaria - Now Oficial

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Article here

"In the end of 2008 and the beginning of this year the price of real estate in Sofia has decreased by up to 20% compared to the first months of last year.

At the moment, deals are being done mainly for two reasons: either the buyer has an urgent need of real estate or the seller needs money, brokers comment. The rest are waiting.

Most significant is the decrease in northern residential districts of Sofia like "Levski" and "Nadejda". There, the decrease of prices in the end of 2008 reaches almost 20%.

If in the beginning of last year real estate was sold on average at about 900 Euro/square meters, at the moment is about 700-750 Euro/square meter."

Silly prices that got out of control in a country where average official salary is running at about 100 pounds/month. That means the average property of 60 sq.m. (one bed apartment) even at today's prices will lock you in for 23 years to pay for (provided no interest is charged and you can live out of thin air). Even with my british salary I was in doubts over the value and refused to get into a mad deal.

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Sofia is insanely overpriced, I was just over there recently and it's made even worse by the Euro exchange rate.

2 bed flats, ex council in the british vernacular, tired furnishing from the 80s were charging 1200 Euros a month

and trying to sell for 300,000 Euro. Armoured doors are extra.


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Guest theboltonfury
All those savvy investors... sheesh, what are they going to do now?

In my town tere are at least 2 shops in the high street just doing Bulgaria. At least they used to...

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I remember talking to some east europeans about property prices back home. They were telling me the prices, and I was saying 'you're kidding me'. I really thought they were joking until I read some statistics in one of the papers doing a piece on how out of control the prices were in east europe. The prices were the same as in the UK, actually in some parts of East Europe the prices seemed higher than many British cities.

The even scarier part was when I asked the next question, what sort of idiot banks are lending these speculators this kind of money. Like 30 or 50 times the average income of the area. I searched on google some and I remember the main west European banks coming up as the financiers.

The losses will be epic as the bubble pops in these places, the speculators will simply default on the loans.

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  • 284 Brexit, House prices and Summer 2020

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