Prices of arable land in Bulgaria continued to rise last year, maintaining their upward trend for a sixth year running,official statistics show.

The average price of arable land has risen by 7.5% year-on-year in 2015 transactions, reaching BGN 761 per decare, or 1,000 square meters, the National Statistical Institute said in a statement on Friday.

This compared with a price of BGN 279 per decare of arable land back in 2010.

The average price of land under orchards rose by 9.1% last year, reaching BGN 480, while the price of land under vineyards dropped by 25% to BGN 339. 

Prices of grassland (meadows and pastures) also fell last year, decreasing by 7.7% to an average of BGN 227 per decare.

Combined, the changes in the prices of the four types of land resulted in a 7% annual rise in the average price of farmland in Bulgaria, to BGN 732 per decare, last year, according to the NSI.

In a breakdown by regions, the highest price of agricultural land, BGN 1,040 per decare, was registered in 2015 in northeastern Bulgaria – the country’s breadbasket. The highest rate of increase in the price of agricultural land was recorded in southeastern Bulgaria, with the average price there reaching BGN 636 per decare, up 25%.

The average rental price of agricultural land has also increased, reaching BGN 42 per decare in 2015, a rise of 2.4% over 2014, the NSI said. Vineyards showed the highest rate of increase in rental prices last year, by 50% to BGN 36 per decare.

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