Photo credit: Klearchos Kapoutsis
Inside the eurozone, property prices are fluctuating as demand, taxes and confidence vary amid concerns over the euro. So a lot of people have turned to the US, Turkey, Eastern Europe and also the Balkans for a more welcoming real estate market.
Away from the affect of the euro, markets are more stable but prices are still falling. Take a look at Bulgaria, where prices dropped again in the third quarter of 2011. So if you’re looking for a castle for sale, Bulgaria is a good bet.
It’s apartments, rather than castles, that have seen price decreases from July to September. A drop of 0.84 per cent, to be exact. But the report, from the National Statistical Institute, is a good indicator of investment opportunity.
Firstly, they show that Bulgarian real estate is still affordable – houses in ski resort regions are falling in cost as well as apartments, so why not castles too?
Secondly, and perhaps more importantly, the price drop recorded is under one per cent – the smallest drop in price since 2008, according to BulgarianProperties.com. As the rate of decline slows down as 2011 progresses, real estate investors could take it as a sign that the market is starting to stabilise.
This slowing rate has been consistent since 2010, and anticipated by industry experts for some time, which means that if you’re looking for a castle for sale, Bulgaria might be a good bet – but also now might be the time to buy it.