Synopsis of “Sunny Beach property market report. Summer 2011”. The full version will be published in first week of September 2011

Russia and the ex-soviet states continue to dominate the market, they remain responsible for more than 95% of purchases. Meanwhile, British and Irish vendors continue to flood the market with available properties. Neither trend shows any sign of slowing.

The market is absolutely resale dominated; foreign vendors systematically adjust to market conditions and sell at currently below build prices (sub 500 eur / sqm), yet domestic vendors fail to accept reality and keep prices high, thus resulting in near zero activity for Bulgarian private vendors and developers alike.

At least 85% of coastal transactions appear to be in the Sunny Beach region in 2011 as Varna and Bourgas fail to match prices with demand. Central and built up areas are out of favour; St Vlas, Nessebar and Ravda prove favourite this year as the enquiries for low density, family orientated, all year round residential areas has become the norm.

Studios are seemingly out of sync with current demand, rarely requested and seldom  purchased, the property type most sought after is the 85sqm 2 bedroom with sea views. For those who fail to find the necessary finances (50-60,000 Eur), they opt for larger and better quality one bedroom apartments for 35-45,000 Euro.