Plovdiv real estate market grows 46.5% in 2007
20 December 2007
The real estate market in Plovdiv notched up a nation-leading price increase of 46.5% in January-December 2007 versus a countrywide average of 30%, said Europolis, the real estate company. The company’s just opened its first Bulgarian office in Plovdiv, the nation's second largest city. Two-room apartments in the centre of Plovdiv recorded the biggest margin of appreciation, 66%.
The average price of homes in Plovdiv is 930 EUR/sqm while prime high-street outlets command rent rates of 1,000 EUR/sqm. Growth is expected to continue in 2008 but at a slower pace, said Daniela Dimitrova, manager of the local Europolis branch.
The forecast does not take into account the likely market response to the new tax valuations of properties. The Bulgarian coastal and ski resorts are losing their appeal to property developers as investment flows shift towards smaller population centres in the vicinity of mineral springs, said Europolis.
The company is currently buying land plots along the Danube where it plans to invest 5 million EUR. Europolis said the construction of a Turkey-bound road has revived the property markets in Yambol and Elhovo.