Prices of Residential Properties Not Expected to Increase in 2023
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- 26 Apr 2023
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Prices of residential properties in Sofia are not expected in 2023, Dimitar Hristov, manager of the Investment and New Construction Department at the Yavlena real estate agency, said here Monday. he was among the speakers in a business forum at Sofia Inter Expo Centre on the challenges before the property market in Bulgaria.
According to Hristov, the property market in Bulgaria has reached a level of saturation and prices will maintain the level they reached in 2022. He said that interest rates and supply on the market will determine the price trends in 2023. He said that some investors have finished projects but have been reluctant to sell since 2022 because the value of the buildings is rising by the day.
War in Ukraine Among Factors Affecting Property Market
The war in Ukraine is just one of the factors that have had an impact on the property market, Hristov said. The other factors includes inflation which has created a fear-of-missing-out (FOMO) effect among buyers in early 2022, which lead to rushed property purchases by buyers eager to protect their savings from inflation and drove prices through the roof.
"Last year we also witnessed renegotiation of signed pre-contract terms, which scared away some buyers and made them avoid projects in early stage of construction", Hristov said.
According to him, the war in Ukraine has led to a surge in property prices but it also taught those wishing to invest in property to proceed cautiously. Read More..
