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Housing prices decline with less than 1% in Q1 2013
Data of the National Statistics Institute (NSI) about the apartments in the regional cities in Bulgaria shows that in the first quarter of 2013 the property prices decreased by -0.95% on average for the country on a quarterly basis. On an annual basis (compared to 1Q 2012) prices of apartments have decreased by -1.92% on average for the country.
The real drop in average apartment prices after inflation (calculated with the Harmonized Index of Consumer Prices HICP) is -1.26% compared to the previous quarter and -4% year-on-year (compared to the same quarter in 2012) on average for the country.
This decline is generally a residual effect of reduced volume of transactions and crisis sentiments that kept the city property market under pressure in 2012. Since the beginning of 2013 we have seen an increase in demand and in property sales in regional cities. This will give a boost of the city property segment and will contribute to an additional slow down and fading away of the price drops over the next few months.
The average price of an apartment in Bulgaria’s regional cities in the first quarter of 2013 is 443 Euro per sq.m. (about 4 Euro less compared to the previous quarter) and prices in the capital Sofia are still the highest among the big cities.
The prices at which apartments in the big cities were sold in the period January-March 2013 according to NSI data are as follows:
• Sofia – 727 Euro/sq.m.
• Varna – 720 Euro/sq.m.
• Plovdiv – 470 Euro/sq.m.
• Bourgas – 578 Euro/sq.m.
• Stara Zagora – 446 Euro/sq.m.
• Rousse – 453 Euro/sq.m.
• Veliko Тarnovo – 366 Euro/sq.m.
The prices of apartments in Sofia in 1Q 2013 have decreased by -1.26% compared to the previous quarter, as the drop year-on-year is -2.93%. After inflation prices of apartments in Sofia have dropped by -1.57% compared to the previous quarter and by -5% compared to the same period last year.
The accumulated nominal price drop of apartments in the regional cities in the last few years since the beginning of the crisis is -38.88%, as in Sofia the accumulated drop is -42.42%. The accumulated real decrease in prices since the beginning of the crisis is -45% on average for the country and -48.26% for Sofia.
The detailed data for of the changes in apartment prices in the big cities around the country in 1Q 2013 is as follows:
Nominal and real change of prices compared to the previous quarter:
• Sofia – nominal growth (-1.26%) and real growth (-1.57%)
• Varna – nominal growth (-1.07%) and real growth (-1.38%)
• Plovdiv – nominal growth (-1.05%) and real growth (-1.37%)
• Bourgas – nominal growth (-0.94%) and real growth (-1.26%)
• Stara Zagora – nominal growth (-0.56%) and real growth (-0.87%)
• Rousse – nominal growth (+0.22%) and real growth (-0.10%)
• Veliko Tarnovo – nominal growth (-0.54%) and real growth (-0.86%)
Nominal and real change of prices compared to the same quarter of the previous year
• Sofia – nominal growth (-2.93%) and real growth (-4.98%)
• Varna – nominal growth (-2.04%) and real growth (-4.10%)
• Plovdiv – nominal growth (-0.72%) and real growth (-2.81%)
• Bourgas – nominal growth (-2.52%) and real growth (-4.57%)
• Stara Zagora – nominal growth (-0.37%) and real growth (-2.46%)
• Rousse – nominal growth (+2.82%) and real growth (+0.66%)
• Veliko Tarnovo – nominal growth (+3.47%) and real growth (+1.30%)
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Copyright: 2013 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. 2013.
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