Further decline in Bulgaria's property market before international payments rise

Bulgaria's house prices are likely to drop further before its property market recovers, according to industry experts.

Officials from the government and private sector made the claim at a recent Balkan Real Estate Conference meeting, SeeNews reports.

Members met to discuss the recovery of the Bulgarian economy, which is forecast to strengthen by 2011 at the earliest.

Property expert Sparkassen Immobilien stated the housing market may dip further before it follows the financial sector out of the recession, which may interest Brits looking to make international payments to mortgages overseas.

Friedrich Wachering, board member from the firm, explained by 2011 banks are likely to have put fiscal policies in place that stimulate Bulgaria's economy.

He told the news agency: "Many companies will have re-thought their strategies. I guess our industry will be stable."

Elsewhere, real estate expert Select Property recently suggested Brits are becoming more likely to transfer money to Dubai-based assets as confidence returns to its housing market.

By Linsey Summers

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