Bulgaria's Housing Market Sees Varied Growth in Fourth Quarter of 2023

Business » PROPERTIES | March 25, 2024, Monday // 11:46
Bulgaria: Bulgaria's Housing Market Sees Varied Growth in Fourth Quarter of 2023 Photo: Stella Ivanova

The housing market in Bulgaria witnessed mixed trends in the fourth quarter of 2023, with overall prices experiencing a modest increase of 1.2%, according to the latest data released by the National Statistics Institute. While this marks a slowdown compared to the preceding quarter's growth of 2.7%, the market continues to show resilience amid evolving economic conditions.

Stara Zagora emerged as the frontrunner in terms of price appreciation, recording a substantial jump of 8.2% in house prices. Following closely behind were the cities of Burgas and Varna, registering increases of 6.3% and 1.7%, respectively. These figures underscore the regional disparities within Bulgaria's housing market, with certain areas experiencing more robust growth than others.

However, not all regions witnessed an upward trajectory in housing prices. Both Plovdiv and Sofia saw marginal decreases, with prices dipping by 0.5% and 0.1%, respectively. Despite these localized declines, the overall market remains buoyant, supported by sustained demand and favorable financing conditions.

Looking at year-on-year trends, Bulgaria's housing prices exhibited robust growth, increasing by 10.1% compared to the same period in 2022. This uptick follows a previous quarter's growth rate of 9.2%, signaling sustained momentum in the housing sector.

The data reflects the dynamic nature of Bulgaria's housing market, influenced by a myriad of factors including economic indicators, demographic trends, and regional dynamics.

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Tags: Bulgaria, housing, prices, market

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