Half of British, Irish property owners in Bulgaria consider selling assets - survey

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 20, 2011 -- According to a recent survey by leading property consultancy NewEstate Bulgaria Ltd, about half of all British and Irish property-owners are considering the resale of their Bulgarian property. On average, NewEstate is contacted by three hundred Bulgarian property vendors every month; most hear for the first time that their property is now worth less than half what they paid, Christophe Gater of NewEstate Bulgaria Ltd said.

The bulk of enquiries come from coastal owners where Russian demand allows vendors the opportunity to offload their assets at the currently low market price. Unfortunately, the same is not true for the ski and rural areas, where sales are still seldom and prices further depressed. This year, 95 per cent of NewEstate’s sales along the Black Sea coast have been to Russian buyers, who form only about one third of the original market demand that the British and Irish buyers did at the peak of the property market in 2007. The result is a vast buyer’s market where there are thought to be one hundred properties for sale for every one serious buyer.

While the entire market awaits price increases and signs of forward progress, the reality is that with such vast stock availability and excessive volumes of 'distressed vendors', it is unlikely to happen soon as supply is likely to far outweigh demand for the foreseeable future. Owners face a simple choice: sell now at the current market rates or hold on for several more seasons and hope that the Russian demand continues to prop up the market.

More information can be found online at http://www.newestatebg.com

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