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Statistical Institute: Bulgarian Property Down by 21.9 Percent
In the last year property prices in Bulgaria have gone down by 21.9 percent. This is what the data of the National Statistical Institute (NSI) which was announced yesterday show. The economic crisis has decreased the price of a square meter by over 300 BGN (about 150 EUR), the research shows.
In the period April-July 2009 the average price of real estate in the country was 1074.98 BGN (about 550 EUR) as prices have fallen in all towns and cities around the country.
The data is based on actually concluded apartment deals in the regional centers in the country. In the last three months alone property prices have fallen by 9.7 percent, NSI data show.
The Black Sea city of Varna continues to be in the lead in terms of high prices. The average market price per square meter there is 1827 BGN (934 EUR); Sofia is second with 1745 BGN (892 EUR) per sq.m. and Bourgas is third with 1471,67 (753 EUR) per sq.m. The lowest property prices are in the town of Kyustendil - 540,85 BGN (277 EUR) per sq.m. and in Vidin, Kardzhali and Silistra the square meter costs less than 700 BGN (358 EUR) and in Sofia region – less than 600 BGN (307 EUR), NSI data show.
In the second quarter of 2009 compared to the first quarter property prices have decreased as follows: in Rousse and Vratsa – by 14.4% and by 14.3% respectively, in Plovdiv – by 14.1%, in Bourgas - by 12.3%, in Pleven - by 12.2%, and in Sofia - by 11.9%.
According to the new NSI data property prices in the town of Pleven are already under 1000 BGN (511 EUR) per sq.m. Prices in Stara Zagora and Plovdiv are also expected to fall below that level in the third quarter of the year. Traditionally, the deals during the summer months are fewer and prices decrease. According to experts the market is expected to become more dynamic at the end of the year if the economy shows signs of stability.
Properties in Bulgaria - Average Price Decreases and Discounts in 2009
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