The housing prices in Bulgaria's Black Sea capital, Varna, are down by nearly 40%, according to the www.imot.bg site.

The biggest decrease of 40% is registered in one of the city's prime locations - the so-called "Greek Quarter" where a one-bedroom apartment is listed for EUR 769 per square meter, compared to EUR 1,280 one year ago.

The smaller price reduction for the one-bedroom units, just 9%, is noted in another downtown location - the "Red Square" neighborhood where such apartment now costs EUR 1,061 per square meter compared to EUR 1,159 in August of 2008.

In most districts of the city housing prices are down an average of 20% to 25%.

Prices of the two-bedroom units are down nearly 36% while the three-bedroom ones register the lowest decrease (20%), but unlike the smaller units, the price reduction for them is the most significant in the "Red Square" location.

Real Estate brokers say the trend to have the higher price per square meter for smaller units is continuing, thus the largest price reduction in this segment of the market.

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