Apartment prices at the popular ski resort of Pamporovo have fallen to €475 per sq m compared to €900 in 2007. Luchezar Iskrov, chairman of the National Association of Real Estate of Bulgaria, claims that the worst for the country's real estate market is yet to come.
However, representatives of one of Bulgaria's largest development companies, Bulgarian Land Development, are not rushing to panic. According to the company's operations director Borislav Slavov, the Bulgarian real estate market is entering a new stage of development, which can be defined as a stage of maturity.
As Prian.ru notes, the global financial crisis is indeed affecting the Bulgarian real estate market. As a result of the crisis, so-called speculative investors, who seek to quickly recoup their investments, have begun to leave the market. New clients have emerged, mainly from CIS countries, Scandinavia, and the Middle East, who are more demanding of the projects on offer and expect a multitude of additional services and amenities that cannot be provided by lower-category projects.