Bulgarian residential real estate prices up nearly 30% in 2007
24 January 2008
Bulgarian residential prices rose nearly 30% in 2007, according to data released by the national statistical authority (NSI) which confirms the recent announcements by local real estate agencies.
The average housing price was 1,090 Lev/sqm in 2007, up from 840 Lev/sqm in 2006.
The NSI data falls short of the 737 Euro/sqm (1,440 Lev/sqm) reported recently by Address, one of the major real estate agencies.
Sofia had the most expensive residential market in 2007 with an average price of just over 1,800 Lev/sqm, said the NSI. It is followed by Varna with 1,763 Lev/sqm.
The Address data has the two cities in reverse positions. In addition to Sofia and Varna, the other cities where residential prices were in excess of 1,000 Lev/sqm were Burgas, Blagoevgrad, Pleven, Plovdiv, Ruse and Stara Zagora. Almost all of these markets had ended 2006 below the 1,000 mark.
The NSI data includes properties transacted in the cities themselves as well as in the greater area. That explains the price gains in regions with a robust tourist industry like Blagoevgrad.
The biggest rate of appreciation last year was recorded by homes in Ruse, Pernik and Targovishte.
In the last quarter of 2007 alone, housing prices rose by almost 9% nationwide. A solid increase of nearly 10% was recorded in several cities, including Sofia, Smolian, Gabrovo and Varna.