Apartment Prices in Bulgaria On the Rise After 1.5 Years' Drop
After 1.5 years of drop, prices of residential property in Bulgaria posted an increase in Q1 2014, shows data of the National Statistics Institute (NSI).
Compared to the previous quarter, the average price rose by 0.2% to BGN 864.52 per sq/m and reached the prices in Q1 2013.
The most significant increase was marked in 18 regional centers, most notable in Stara Zagora and Veliko Tarnovo.
Prices in Sofia rose by 0.4%.
Prices in nine regional centers dropped – most notably in Vidin and Kyustendil. Prices in the Black Sea cities Varna and Burgas also decreased.
Most expensive is the residential property in Sofia – an average of BGN 1463 per sq/m, Varna – BGN 1370 and Burgas – BGN 1110 per sq/m.
The NSI data is based on real property sales in the regional centers and does not include the newly completed buildings.
- » Seaside Property Sales to Russians Drop By 30%
- » Three Vie for Kempinski Hotel Zografski in Sofia
- » Bulgarians Spent BGN 200M on Property in June - Brokers
- » Class A Office Space Rental Rates in Sofia Record 8.3% Growth Y/Y
- » Bulgaria's Dwelling Prices Increase in Q2 2014
- » Property Deals On The Rise, Russians Buy Less
Sofianits, the crisis will not last 100 years, that's for sure. The US housing market has rebounded strongly, the UK's has too, even the Spanish market is showing signs of life now.
As the economy improves in Europe, Bulgaria's will improve as well and the real estate sector will obviously improve. A lot of the overconstruction or oversupply that was built up until 2010 has been sold already at deeply discounted prices. The prices have risen very mildly and that's how it will be. The price rises that occurred in BG from 2002 to 2008 will never happen again.
I do think that real estate in Bulgaria is still very expensive considering you pay for common areas, the quality leaves a lot to be desired and infrastructure is abominable. But I don't get to determine the price, the local market does.
This is third of the propandgistic planted positive articles about construction and real estate in Bulgaria. In fact, the huge glut of under-constuction, completed and unsold property continues and property price decreases will continue for the forseeable future.