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25000 New Homes For Sale in Sofia

Wednesday, Jan 28, 2009

Risk-laden players withdraw from the Bulgarian market; Austrian and German investors come in
New homes with a total area of 2,2 million sqm are under construction in Bulgaria's capital alone. The strong competition and tightened access to bank loans decreased prices by 15%
About 25000 new homes in Sofia are waiting for a buyer, shows the yearly analysis of Forton - a realty consultative company. These apartments are now under construction and their total area is around 2,2 million sqm. Fierce competition among investors and tightening accession to bank loans are the reasons for the drop in prices of projects with bad location and no infrastructure, reads the report.
Forton's prognosis is that in 2009 the market would offer more attractive prices and new flexible payment plans. Foreign investors inclined to risk would withdraw from the Bulgarian realty market. More conservative German and Austrian companies and funds would replace them, the analysis reveals. US companies are also interested in making business in the region.
Forton experts maintain that the interest of Greek investment companies is still high too

Source: Standart newspaper