Real estate demand in Sofia shrinks in half due to COVID-19 crisis

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The number of buyers on the real estate market in Sofia has dwindled by more than 50% since Bulgaria’s government declared a countrywide state of emergency on March 13 due to the coronavirus disease (COVID-19) pandemic, a local realtor said.
The spread of COVID-19 in Bulgaria has prompted realtors to reorganise their operations within a very short period of time, laying emphasis on online inspection of properties and submitting of documents for potential sale and purchase agreements, Cvetan Vakareliyski, consultant at Yavlena real estate agency said in an audio file published on the website of public radio BNR over the weekend.
Vakareliyski provided no figures regarding the number of sales but according to data by the country’s registry agency, the total number of home purchases in Sofia in the first quarter of last year was 5,641.
It is still uncertain whether the housing market will recover swiftly after the end of the COVID-19 crisis or it will suffer a recession and significantly decreased real estate prices. According to local realtors, if the crisis persists for several more months, real estate prices will fall, BNR said.
Bulgaria will be in a state of emergency until May 13.

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