Bulgarian, Russian Buyers Sustain Property Market In Varna

The property market in Varna is kept alive by Russian and Bulgarian buyers, Foros real estate agency said in its annual report, as quoted by Dnevnik daily.Clients are more cautious and buying off-plan is not a preferred option any longer. On the other hand, this scheme is usually welcomed by investors, who had just began construction and are in need of financing.Dnevnik daily cited Dobromir Ganev, the agency's director, as saying that residential property was sought mainly by people who were in desperate need of a new home. But those buyers choose the certainty of already completed apartments. No interest whatsoever was registered towards apartments in old pre-fab buildings, for which banks are especially reluctant to give loans.Two-bedroom homes are among the most desired and affordable, the report said. Prices in Varna and Bourgas for the last months of 2008 marked the lowest increase comparing to other cities. Median apartment price in Varna was 1056 euro a sq m and 857 euro in Bourgas.By the end of 2008, a good number of newly-built homes entered the market, which showed increased construction activity in the region. Varna has 754 650 sq m of residential space under construction, and a further 201 008 sq m are bing built in Bourgas, the report said.Varna One project, with a built-up area of 316 000 sq m in 1500 apartments, together with Perla residential community in Zornitsa borough in Bourgas are among the grand-scale projects in the region, Foros said.