The value of winter and ski property in Bulgaria is continuing to fall, according to Bulgarian Properties. The company report that rental demand for furnished property at Bulgaria’s three largest winter resorts remains low and that prices have fallen by -20% over the last quarter alone with not even ‘extremely low’ prices tempting foreign buyers anymore.

Demand for apartments in Pamporovo, Borovetz and Bansko remained low in the second quarter of 2011, according to the company, and the average apartment sale price in Bulgaria’s largest winter resort, Bansko, is €27,000 or just €460sqm. This is compared to €585sqm just three months ago (down by more than -27%).

Novinite, the Sofia news agency, has just reported that any demand that currently exists is generally restricted to properties where the vendor needs to sell very cheaply, often at a loss of -60%.

Bulgarian Properties also found that property prices in rural areas of Bulgaria have not fallen as steeply over the past 12 months. The average sale price of a village house in the second quarter was €16,200, representing a decline of -6% since Q1 2011.