Bulgaria’s Agricultural Land Prices Rise 15% in 2014, Rental Prices Up 8%
The average price of agricultural land in Bulgaria rose 15.2% last year, reaching BGN 684 (EUR 342) per 1,000 square metres, the statistics office announced on Tuesday.
Rental prices per 1,000 sq m of agricultural land also rose, reaching BGN 41 (EUR 20.5) on average, an increase of 7.9% compared to 2013.
Land under vineyards marked the highest uear-on-year increase in price in 2014, by 41.4%, reaching BGN 451. The average price of arable land for sowing wheat and maize rose by 14%, followed by land under orchards (+1.6%) and permanent grassland (+24.2%).
The highest price in agricultural land transactions, BGN 957 (EUR 478.5) per 1,000 sq m, was recorded in northeastern Bulgaria, often called the country’s breadbasket.
Looking at the rental prices for agricultural land in Bulgaria, the sharpest year-on-year increase was registered in the price of orchards (+16.7%) and in arable land (+10.3%). Rent prices for vineyards, however, dropped by 29.4%.
The highest average rental price of BGN 61 (EUR 30.5) per 1,000 sq m of agricultural land was recorded in Bulgaria’s northeastern region. This was almost double the rental price level in the southwestern region, the National Statistical Institute (NSI) said.
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