Bulgaria Leads EU in Housing Price Growth

Business » PROPERTIES | July 7, 2024, Sunday // 10:18
Bulgaria: Bulgaria Leads EU in Housing Price Growth Photo: Stella Ivanova

According to Eurostat, Bulgaria experienced the highest growth in housing prices among EU countries, with a 7.1% increase compared to the last quarter of 2023. This marks the most significant rise in housing prices in Bulgaria since the last quarter of 2007.

In the first quarter of this year, house prices in the Eurozone decreased by 0.4%, while they increased by 1.3% in the EU compared to the same quarter of the previous year. Eurostat also noted that in the fourth quarter of 2023, housing prices had decreased annually by 1.2% in the euro area and had risen by 0.2% in the EU.

When comparing the first quarter of 2024 to the fourth quarter of 2023, house prices fell by 0.1% in the Eurozone and increased by 0.4% in the EU.

The surge in Bulgarian housing prices can be attributed to several factors. Economic stability and growth have boosted consumer confidence, leading to increased demand for property.

Additionally, low interest rates and favorable mortgage conditions have made home buying more accessible to a broader segment of the population. Foreign investment has also played a significant role, with investors seeking profitable opportunities in Bulgaria's real estate market.

Urbanization trends and infrastructure development in major cities like Sofia and Plovdiv have further heightened demand. Moreover, limited housing supply relative to growing demand has exerted upward pressure on prices, culminating in the significant 7.1% increase reported by Eurostat.

 

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Tags: Bulgaria, EU, housing, prices

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