Despaired developers offer properties to authorities

Developers from Plovdiv hope that local authorities will buy new unclaimed apartments.

Slavcho Atanasov, the Plovdiv Mayor, considers a possibility of buyback of 500 properties which were offered for sale but couldn’t attract buyers.

Plovdiv Municipality started the campaign to sell apartments located at the panel-block buildings of Communist times to tenants recently. Proceeds will be spent on buyback of 100 new apartments, which will be given to people in need.

The mayor strives for prices’ decrease for unsold new built apartments so long as the municipality intends to purchase it later.

All these processes are indicative for Bulgarian property market in the last years, Sofia Echo reports.

As Prian.ru reported, in the end of Q2 2011 Bulgarian apartments fell in price by 6,4% at average year-on-year and by 1,6% compared to the Q1 2011. Properties worth under € 50 000 are the most popular among buyers.