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Brokerage agencies in Bulgaria report a 15-20 percent drop in rental prices and growth in real estate sales. Due to the coronavirus situation, entire restaurants, shops and hotels are rented en masse. The property market even sells iconic Renaissance houses in the old town of Plovdiv.
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After the coronavirus seriously affected tourism in the Revival complex, the crisis has spared no business in the old town. Some of the iconic hotels, restaurants and shops have closed, others have emptied and vacated the store, and still others are up for sale.
One of the places for sale in the Old Town is the iconic café, where Pencho Slaveykov used to stay for white jam.
“He drank his coffee between 1881 and 1883. While he was teaching upstairs in high school, he came here every morning and had his coffee, which was the so-called Turkish coffee, made in sand, inside there is an ojak, which is also preserved, plus the original alafrangi, which are inside and were restored 100 years ago ”, says the owner of the farm Irina Miteva.
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More than a century ago, the Second Illegal Congress of the Bulgarian Social Democratic Party was held in the café. Now the family is about to part ways with the Revival property.
“The reason is that there is no way to maintain this type of room, restaurant, building in the condition they are in at the moment,” adds Irina.
Two Revival houses have also been put up for sale in the old town, converted into family hotels with restaurants. Boris has dedicated 22 years of his life to the hotel that he built on credit and is still paying.
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“95 percent would say that here we work entirely with foreign tourists. So exactly this tourist has been missing for a year. Under these circumstances, it cannot be sustained. And I am forced to start looking for a buyer. This is perhaps one of the salvations. One of the things that would alleviate the situation at the moment. My whole family lives here, “says owner Boris Hristov.
Dozens of restaurants, shops and offices in central Plovdiv have already been vacated and rented. Real estate brokers report a 30% increase in new offering.
“There is supply of sites, but there is no demand. Those who did not renegotiate their lease terms had to vacate the premises, respectively, because small and medium-sized companies, especially if they are not connected to some of the strong sectors, are not working at the moment, ”said the manager of a real estate agency. Alexander Ushev.
To weather the situation, real estate agents predict that after the New Year, homeowners will cut rents by about 10 percent.
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