Foreign property investors are turning their backs on some of the major property markets in Europe and head east to countries like Bulgaria and Romania and to some destinations in the far East.
This shows information from several sources, according to which a particular movement in our market can be expected within a year.
Propertyshowrooms.com cites Dennis Hammer, a partner at law firm Schoenherr Lawyers, who said Bulgaria and especially Romania will be among the preferred destinations for property purchase in the future.
On the Romanian market, he says that banks are expected to bring to market a huge inventory, which will lead to even lower property prices. This in turn will increase the interest of buyers.
This caused some market watchers to predict that the downturn has reached or is close to its lowest point.
Recently, however, FT wrote that the Bulgarian market remains stagnant. Quoted from Financial Times, Todor Breshkov, president of the Real Estate Fund Bulgaria REIT gave gloomier scenario for 2012 which may be weak for the real estate market. This will darken the outlook for a possible rise in prices "could fall by another 10-20%, "says the publication.
However in the longer term picture is not so pessimistic. Next year, investors and individual buyers can begin to return to the market, which will also set out more clearly the bottom.
Furthermore, according to consultants, investors still interested in specific segments of our market, as the logistics and commercial properties, says World Property Channel.
Although the market for the most part remains frozen, the ice can begin to melt in 2013 though still dormant interest of the British to our market has not disappeared.
Last year Bulgaria took specialists by surprise as Bulgaria was back among the top 10 destinations for the purchase of property for British buyers. Until the February the country held a top ten ranking according to TheMoveChannel, but in March it fell five places to 15th, pushed by a number of markets further east. In the April rankings Bulgarian market recovered part of its position as the climbs to 12th place.