Found nice apartment in Sofia? Don’t wait to become cheaper
In case you have some cash or a guarantee that the bank will lend you some money to invest and have found a nice apartment in a good area in Sofia, do not wait for it to become cheaper. Yes, the real estate sphere in the country and in the capital Sofia has seen a drop of 20 to 30 per cent in the apartment prices, but most probably these sums will not go further down, providing that the demand for accommodation in Sofia is still strong and the banks are now far more willing to give mortgages than they were in the last twelve months, and what is more – advertise their new mortgage programs on the television.
Even if there is another drop in the apartments’ prices, most probably it will be around or below five per cent and it is not absolutely sure that will include the exact location, where the property you like is placed. Thus, if there is a property that you truly like and if this property comes with a reasonable price keeping in mind the market – do not wait. The prices at which the Sofia properties are offered now are very close to the price levels at the end of 2006.
From now on, it is unlikely that the house prices will go down. Almost half of the investment companies and the construction companies are expecting stabilization. Some still think there might be further reductions, but they will be significant. Approximately twenty per cent of all real estate companies asked, make prognoses that the prices will even start to rise until they stabilize for a long period of time.
