Bulgaria’s property bubble has burst in a big way. Prices have fallen by as much as 60% in the last few months, with many recent sales back on the market at substantial price reductions
The storm clouds are getting darker for the world’s and Australia’s economy. In these uncertain times does the old standby of “you can’t go wrong in bricks and mortar” still hold true?
The Americans, British and Bulgarian property owners have seen that you can go very wrong with property. As with any commodity in over-supply, if there is too much supply and not enough demand the price will go down. In California house prices have dropped over 40% in 12 months. Australian’s are watching their share market follow Wall Street down, down, down, and wonder if their property values will be next to head south.
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