Prices of luxurious residential apartments drop by 10% in Sofia

Prices in some of the richest residential areas in Sofia, Bulgaria dropped by 7-10%, Novinite informs quoting the Trud daily. Meanwhile a series of hotels on the Bulgarian seaside face serious financial problems and experts declare that the situation resembles the one in Spain.

The price decrease was recently forecast by real estate experts in Bulgaria. The phenomenon mostly triggers the luxurious residential areas in Sofia: Vitosa, Manastirki Livadi or Malonova Dolina. These areas are known for lack of basic infrastructure and deficient urban planning.

Three weeks ago, the Bulgarian Trud daily read that various foreign citizens who bough real estates in Sofia started selling them for profits. According to sources, most apartments on sale were bought in 2006-2007 when under construction.

In the same vein, propertywire.com revealed that a series of hotels on the Bulgarian seaside face serious financial problems because they lack tourists and thus cannot cover their expenses.