Drop In Bulgarian Black Sea Coast Property Prices

A sharp fall in the demand for smaller studio and one-bedroom apartments of between 40 and 60 square metres in Bulgaria's traditional Black Sea resorts, has pushed down prices by between 8 and 12 per cent in the past six months.

Now the prices vary between 800 and 1,200 euro per square metre in new developments, depending on their proximity to the beach, real estate agents announced, quoted by The Financial Times.

The newspaper claims that while British and Irish buyers are gradually losing interest in property on Bulgaria's Black Sea coast, they are being promptly replaced by wealthy Russians and Romanians.

Not everyone considers the slow-down of this market as a negative trend. Its immediate consequence will be a slight hold on the rushed overdevelopment, recently observed on the coast, and probably, as BalkanTravellers.com reported, its replacement with more sophisticated projects.

The highlight amongst them is the Black Sea Gardens project, which will reportedly be carried out by the renowned architect Norman Foster.novinite.com