0
Hello,
Favourite properties (0)
Saved searches
Selected for you
Notifications
Subscriptions
Settings
Sign out
Close

Bulgarian property price decrease ended in 2013

2014-01-28   |  Polina Stoykova MRICS, Head of Operations and Property Research

According to the calculations of BULGARIAN PROPERTIES, based on the data from the National Statistics Institute (NSI) about the apartments' prices in the regional cities in Bulgaria, the property prices in Bulgaria registered a real* annual decline of -0.24% in Q4 of 2013. This change, which almost equals to 0, reveals that the property price decrease in Bulgaria has now finished.

Moreover, the property prices in Sofia have experienced a second consecutive real* annual growth of +2.13%, indicating that the market bottom was reached in late 2012 and early 2013, and that the market in the capital is now recovering. The apartment prices in Plovdiv are going through a similar positive change.

Overall, year 2013 ended with a real* property price decline of -1.8% for the whole country on average, which represents the smallest annual decline since the beginning of the crisis.

'On the basis of the latest data from the National Statistics and our market observations, we can conclude that the downward property price trend in Bulgaria has finally come to an end' - comments Polina Stoykova MRICS, Head of Operations and Property Research at BULGARIAN PROPERTIES

The average price of an apartment in the regional cities in Bulgaria in 2013 was 442 EUR/sq.m (compared to 450 EUR/sq.m in 2012).

The average prices at which apartments in the big cities in Bulgaria were sold in 2013, according to NSI data, are as follows:

Sofia – 736 Euro/sq.m.
Plovdiv – 474 Euro/sq.m.
Varna – 710 Euro/sq.m.
Bourgas – 571 Euro/sq.m.
Stara Zagora – 445 Euro/sq.m.
Veliko Тarnovo – 365 Euro/sq.m.

In Q4 of 2013 the accumulated nominal price drop of apartment prices in the regional cities over the years since the beginning of the crisis reached -39.04%, while in Sofia the decrease was -41.02%. The accumulated real* fall in prices (after inflation deduction) since the beginning of the crisis was -44.52% in the country on average and -46.32% in Sofia.

*Real change is estimated after inflation deduction, calculated with the Harmonized Index of Consumer Prices (HICP). The deduction of inflation provides a more accurate estimation of the real price changes, so when using the NSI data we always make the necessary calculations to obtain a more precise market picture.

The detailed data for of the changes in apartment prices in the big cities around the country for 4Q of 2013 is as follows:

Nominal and real change of prices compared to the previous quarter:

Sofia – nominal growth (+0.83%) and real growth (+0.85%)
Plovdiv – nominal growth (+0.41%) and real growth (+0.43%)
Varna – nominal growth (-0.49%) and real growth (-0.48%)
Bourgas – nominal growth (-0.10%) and real growth (-0.09%)
Stara Zagora – nominal growth (-0.19%) and real growth (-0.17%)
Veliko Tarnovo – nominal growth (-0.52%) and real growth (-0.51%)

Nominal and real change of prices compared to the same quarter the previous year

Sofia – nominal growth (+1.13%) and real growth (+2.13%)
Plovdiv – nominal growth (+0.60%) and real growth (+1.59%)
Varna – nominal growth (-3.54%) and real growth (-2.59%)
Bourgas – nominal growth (-2.48%) and real growth (-1.52%)
Stara Zagora – nominal growth (-1.10%) and real growth (-0.12%)
Veliko Tarnovo – nominal growth (-1.13%) and real growth (-0.15%)

---
Copyright: 2014 Bulgarian Properties Ltd. All rights reserved. For further information or advice please contact us on tel.: +359 2 9 11 50 or e-mail: info@bulgarianproperties.com. The use of this article by third parties is allowed only with proper quotations of the source www.BulgarianProperties.com and the Author of the article. The data in this material has been collected by the Author and Bulgarian Properties Ltd. and is presented for information purposes only. We have made every effort to ensure the accuracy of the data. However, Bulgarian Properties Ltd. and the Author cannot be held responsible for loss or damage as a result of decisions made based on the information presented in this article.
© Bulgarian Properties Ltd. 2014.

Share
Properties in the Bulgarian Beach Resorts!
Check our selection of properties on the Bulgarian Black Sea Coast! Attractive prices, regular flights to Burgas and Varna international airports. Perfect for frequent visits, summer holidays and more.
See More
Festa Chamkoria Forest Residence - Turnkey Apartments for Sale in Borovets
Feel at home in Borovets! Buy your own vacation apartment in a completely finished and operational complex with quiet location among a century-old pine forest. Available studios, 1- and 2-bed apartments at attractive prices, no buyer's commission. With guaranteed rent!
See More

More News

latest news
Selling property in Bulgaria? Check out what documents you will need!

In a series of materials, we present you with useful information on how to best prepare your home for viewings and how to determine the right price of your property.

Here we will focus on the heart of the transaction. Buying and selling real estate often seems a complicated and cumbersome procedure, requiring a number of documents and communication with various institutions. And buy...

22 March, 2024
latest news
How much is your property worth and how to set a perfect listing price?

When deciding, or even just considering listing a property for sale, our first question is often: What price should I be looking for my property.

Every homeowner is probably trying to do their own mini market research. They look at the listings in their area, read the latest statistics on property transactions, turn to an agency to get an idea of what they can get.

Ve...

18 March, 2024
Company news
BULGARIAN PROPERTIES Agents of March 2024

Spring comes with new opportunities in the real estate market in Bulgaria!

February showed us significant activity in the real estate market, spanning the entire country, and that gives us plenty of reasons to be optimistic.

Latest market data and trends:

- We are seeing an increase in issued new building permits - a sign of growing interest in new dev...

05 March, 2024
Press & Media
Eurozone Entry: Implications for Bulgaria's Real Estate Sector

Amidst the backdrop of Bulgaria's dynamic real estate landscape, all eyes are on the potential impact of the country's imminent entry into the Eurozone. The bustling market in Sofia, Bulgaria's capital, kicked off 2023 with a noticeable decline in transactions, hovering around 14%. However, subsequent quarters saw a gradual improvement, with reductions limited to 11.7% and 5.4%, respectively, as r...

20 February, 2024

REQUEST DETAILS