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Bulgarian Residential Real Estate Prices Down by 12,4% in Q1

Date: 28.04.2009

Prices for residential real estate in Bulgaria's 28 biggest cities and towns dropped by an average 12,4 % in the first quarter of 2009 on a quarterly basis, data of the country's National Statistics Institute (NSI) showed on Thursday.

Year-on-year, residential prices decreased by an average 8,4 %.

The average price paid for residential properties in the areas covered by the NSI survey was BGN 1 190,72.

The port city of Varna continues to benefit from the seaside real estate boom and has the highest prices - BGN 1 982,17 per square meter.

Capital Sofia, which boasts the highest salaries in the country, is in second, with an average price of BGN 1 980 per square meter. Next comes Burgas with prices of BGN 1 678,67 per square meter.

The lowest prices were recorded in Kyustendil - BGN 599,08.

Experts say that a mix of global slow-down, restricted financing and withdrawing investors have brought Bulgaria's real estate market to a stalemate.

The slow-down has hit worst the residential property, considered only until recently an island of serenity amidst the stormy seas of the market, and the holiday homes, whose extolled virtues drove hordes of British buyers to Bulgaria a few years ago only to see their hopes of easy profits turn to dust.

Demand for residential property has been affected by the lack of financing - people have either given up their plans to buy a new home or are just waiting for prices to fall further down.

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