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Prices of Sofia Residential Property Down by 16.6% 1Q 2009
The prices of properties in Bulgaria have gone down by 12.4% in the first quarter of 2009 compared to the same period in 2008, National Statistical Institute data show.
According to the data the decrease for the first three months of 2009 amounts to 8.4% on an annual base.
The prices of real estate in the capital Sofia have fallen significantly by 16.6% to an average price of 1,980 BGN/sq.m. (about 1011 EUR/sq.m.) which means that properties in Sofia are no longer the most expensive in the country Varna taking the lead.
In Varna property prices have decreased by only 5.7% in the first quarter of 2009 year-on-year to 1982.17 BGN/sq.m. (about 1013 EUR/sq.m.).
There is a decrease in prices of real estate in all regional cities as it is most considerable in Veliko Tarnovo – by 25.1%, in Kyustendil - by 21.5%, in Blagoevgrad - by 20.5%, in Rousse - by 18.8%, and in Vidin - by 17.8%.
The residential property price index for the first quarter of the year compared to the same period last year is 91.6%.
The average price of residential properties in the country is 1190.72 BGN (about 609 EUR).
The properties in the region of Shoumen are the least affected by the crisis as their prices have decreased by just 2.3%.
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