Prices for residential real estate in Bulgaria’s 28 biggest cities and towns grew by an average 9,3% in the first quarter of the year, data of the country’s National Statistics Institute (NSI) showed on Monday.
In real terms, the prices grew by an average 7,5%, as inflation in the first three months of the year was 1,8%.
The average price paid for residential properties in the areas covered by the NSI survey was BGN 988,2, compared to BGN 904 in the last quarter of 2006.
The port city of Varna continues to benefit from the seaside real estate boom and has the highest prices – BGN 1,646 per square meter, a 16% increase for the period.
Capital Sofia, which boasts the highest salaries in the country, is in second, with an average price of BGN 1,588 per square meter, a 14,3% increase.
The data appears to confirm the forecasts of real estate analysts, who predicted that prices in the city would continue to grow strongly after EU accession. Bulgaria joined the bloc in January.
The third most expensive real estate is in Burgas, Bulgaria’s other major Black Sea port, with an average BGN 1,312 per square meter. However, demand and supply appear to have balanced out and prices grew only by 1,2%, below the inflation rate.
Russe, Stara Zagora and Plovdiv are the other towns where residential real estate sells on average for more than BGN 1,000 per square meter.
The lowest prices were recorded in Kyustendil – BGN 557,7.
Source: Novinite