Sofia Residential Properties with Slight Price Increase in 3Q 2010

There is a very slight price drop in residential properties in Bulgaria in the third quarter of 2010, the Bulgarian National Statistical Institute (NSI) reports and in some cities like capital Sofia there is even a slight increase in apartment prices. Statistics shows that compared to the previous quarter the prices on which deals are concluded have decreased insignificantly by 1.2%. Apartment prices have decreased by 6% on an annual basis, NSI data reads.

In the third quarter of the year Sofia, which lately was behind Varna when it came to property prices, is once again the leader. According to statistics at present a square meter in Sofia costs 1,592 BGN, which is an increase of 2.2% compared to the previous quarter. Residential properties in the city of Varna have decreased with the same percentage going down to 1,557 BGN per sq.m. Third is the city of Bourgas with 1,164 BGN.

According to NSI data the average market price of apartments in Bulgaria is a little over 959 BGN per sq.m.

The discounts for luxury properties vary quite a lot – from 3 to 40%, the luxury real estate site www.luximoti.com shows. The biggest discounts are to be found in the seaside resorts. For example, a five-storey building in the Golden Sands resort is sold for 423,000 Euro as its initial price was 700,000 Euro, and a two-bed apartment which cost 112,000 Euro now costs 89,000 Euro.

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