In the face of the market meltdown, the prices of luxury properties in some parts of Bulgaria are settling and the investment turns out to be profitable, according to a poll by Dnevnik among real estate agency owners.

Prices in the luxury property segment are shedding much less than in the mass segment, said Polina Stoykova, chief operations manager of Bulgarian Properties. She noted that despite the price drop expensive apartments remain one of the most stable segments on the property market.

However, Vesela Ilieva, executive director of Unique Estates, said that deals are struck at prices 30% bellow those offered at property websites.

In Sofia, home prices on Saborna, Oborishte, Shipka, opposite the parliament building and Doctors’ Gardens are high because supply as low and demand is high, according to Ilieva. She added that prices start from EUR 3,000 per square metre but in fact the properties are sold at lower prices.

Alongside Sofia, seaside vacation complexes are the other major luxury property purchase destination in Bulgaria. High prices are offered near Evksinovgrad, Primorski Park, St Konstantin and Elena and central Varna.

The main customers at the moment are Bulgarians and foreigners from the former Soviet countries. Deals are only sporadic and are hard to executive, according to real estate agents.