Realtors: Bulgaria housing price growth to slow in ‘08

Bulgarian housing prices will continue on the upside in 2008 but at a slower pace than 2007 when gains topped 30%, said Strahil Ivanov, manager of leading real estate agency Yavlena. Residential properties are expected to appreciate by 12% to 15% in 2008 as demand continues to outstrip supply. The robust uptick recorded in 2007 was a surprise to the experts who had forecast a price increase of around 15% for the full year, said Ivanov. The forecast of Krasimir Dimitrov from Source Residential Properties is for a growth of 8% to 15% in 2008. The Address projection is also for a 15% price gain. Yavlena said developers are expected to turn their attention over the mid-term to the center of Sofia which is crowded by old residential buildings in bad repair