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Bulgaria's Residential Property Prices Down 33% in 2 Years

Date: 23.01.2011

The average price of residential properties in Bulgaria is down by over 33% compared to the market peak in 2008, data of the National Statistics Institute (NSI) and the Registry Agency shows.

The number of real estate transactions in 2010 compared to 2007 is down two times; building permits and new buildings are down as well, while the number of default loans is up.

The average price per square meter in 2010 has been BNG 964 with properties being the most expensive in Sofia (BGN 1596) and the cheapest in the western city of Kyustendil (BGN 567).

Another consequence from the crisis is higher number of listings for older properties than for new construction in 2010. Homeowners have been forced to sell their properties over reduced income, unemployment, and obligations to banks. The number of foreclosed properties is also up.

Real estate brokers expect a more dynamic market in 2011 with stable prices which would slightly go up (up to 5 % for certain market segments and areas).

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