Accommodation rent in Bulgaria: the rental period is shortened
(Hotel News Worldwide)
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Accommodation rent in Bulgaria: the private sector in the country tries to adjust to the new conditions of work in time of the crisis. Currently, in the Bulgarian property market there is a significant reduction in the number of real estate transactions. The decline began after a long real estate boom that occurred in 2005-2007. At that time, housing prices in Bulgaria grew by 20-30% annually. Today the Bulgarian property owners have to resort to more flexible schemes of lease contracts to stimulate the demand. One of these schemes is to change the terms of the lease.
A number of Bulgarian real estate agents reported about a new trend in the market: reducing the terms of the lease. Earlier, standard procedure of renting apartments in Bulgaria meant that the contracts were signed for a one year. Currently a number of property owners offer their customers a contract of lease for a period of 3 months.
In this case, against the background of reduction of the lease terms, in Bulgaria in the first two months of 2010 is indicated a slight increase in rental rates. Portal www.novinite.com reports that during January-February 2010 in Bulgaria there is a gradual return to the pre-crisis level of housing lease costs. The average cost of renting an apartment in Bulgaria today is 500-700 euros per month.
At the same time, many landlords in Bulgaria switch their interest from operations in the lease segment for the operations in the area of sale. The cost of a square meter in Bulgaria today is one of the lowest since 2000. In 2009, reduce of housing prices in Bulgaria amounted to more than 20%. Therefore, for many people now is more profitable to buy real estate for resale rather than to lease. Along with it according to one of the leading consulting companies in the world Colliers International - in the first half of 2010 Bulgaria's property market will continue to fall. Analysts believe that prices will fall for another 10%.
Date: 10/03/2010
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