Greek Invasion on the Property Market in Bulgaria
Greek invasion has been noticed on the property market on the Balkans and Bulgaria is leading for the past 2 years. There is interest by Greek building companies, mainly such from Northern Greece that build a number of residential complexes, shopping centers and office buildings in Romania, Bulgaria, Albania, Croatia and lately in Macedonia, says the Greek business magazine “Imeresia”, quoted by “Monitor” newspaper.
Along with that hundreds of individual investors by homes at low prices, which they either rent out or use for their vacation. Despite the vastly increasing of the prices of properties lately in Bulgaria, they are still inexpensive for the Greek customers. It is impossible to find an apartment in the price range of 500-1000 Eur/sq m in Greece, neither is a luxury home in the range of 2000- 3000 Eur/sq m or a vacation property in a beautiful resorts like Bansko for 2500 Eur/sq m, says the magazine.
The offering of properties in Bulgaria for the last few years has increased vastly and according to “Imeresia” at the moment there are 77 000 properties announced for sale. The Greek customers are mainly interested in Varna, Bourgas and Bansko. The prices on the Black Sea vary between 2300- 2700 Eur/sq m. The properties in the mountain resorts cost between 570 and 590 Eur/sq m but in some cases the price for luxury properties might go up to 2500 Eur/sq m.
The Greek economical magazine divides the properties in Bulgaria in three categories. The cheapest that sell for around 500 Eur/sq m; the middle ones that sell for 800-900 Eur/sq m and the expensive ones that go up to1200-1300 Eur/sq m.
There are two quarters in Sofia- “Lozanets” and “Iztok”, where the prices start from 1000 Eur/sq m and go up to 3000-3500 Eur/sq m and still for properties that are off-plan or have been just started. The lowest prices according to the Greek magazine are around 700-800 Eur/sq m in the quarters of “Lyulin”; “Nadezhda”; “Ovcha Kupel”.
The search of properties in the rest of the Balkan countries is lower as a result of the high increasing of prices during the past two years.
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