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Agricultural Land in Bulgaria among the Cheapest in Europe
According to a ranking of consultancy company Savills based on Eurostat data and various other sources for the period 2007-2009 prices of agricultural land in Bulgaria rank third among the lowest in the EU. The prices are lower only in Lithuania and Slovakia.
According to the information the prices in Bulgaria at the end of 2008 – the most current data about the market in the country used by the company, were about 1,700 euro per hectare on average (170 Euro per decare). To compare, in Ireland, which has the highest land prices in the ranking, agricultural land prices in 2008 were over 40,000 euro per hectare.
Statistics from 2000 on shows that prices in Romania, which in the last few years has been ranking right after Bulgaria, were lower than in Bulgaria until 2006. However, since 2006 prices of agricultural land in Romania have been increasing fast and in 2009 they reached 3,500 Euro per hectare.
Prices in Bulgaria also passed the 1,000 Euro per hectare limit in 2006 but after that the growth became slower compared to all other Central and Eastern Europe (CEE) countries included in the research.
Prices in Hungary are comparable to those in Romania but Poland leaves behind all other CEE countries with prices of over 5,000 Euro per hectare at the end of 2009. The company explains the sudden price increases in the CEE countries in the last few years with their joining the EU, in 2004 and 2007 respectively.
The main reasons for the increase are the agricultural subsidies and the improved economies in the region after the countries’ accession to the EU, the report reads. Moreover, despite some limitations the accession to the EU opened the agricultural land markets to foreign investments.
We are expecting to witness a future stable growth in agricultural land prices in CEE, the company said. They are big countries with fertile land. With the right investments in resources and infrastructure (roads, ports and cultivation equipment) they are in a perfect position to make use of the effects of the global growth, the increased wealth and the demand for renewable energy, as all of them lead to increased profits.
BULGARIAN PROPERTIES offer a huge choice of agricultural land at bargain prices
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