NEWSLETTER

28.10.2011 Drop of apartment prices in regional cities slows down to 0.8% in 3Q 2011

Polina Stoykova, Chief Operations Manager of BULGARIAN PROPERTIES

The latest data for apartment prices in the regional cities in Bulgaria, announced by the National Statistical Institute (NSI), shows that property prices continue to fall in the 3Q 2011, but that the drop is slowing down compared to previous periods.

Average prices of apartments in the regional cities in Bulgaria have dropped by 0.84% compared to the previous quarter and by 6.1% compared to the third quarter of 2010. This makes the last quarter one of the periods with the least drop in apartment prices since the beginning of the crisis. According to NSI data the average price of an apartment in the regional cities in the country is 460 EUR/sq.m.

The real decrease of prices of apartments after inflation (calculated with the Harmonized Index of Consumer Prices HICP) is 0.95% compared to the previous quarter and 8.92% year-on-year (compared to the same quarter in 2010).

For Sofia the nominal decrease in prices is 0.64% compared to the previous quarter and 8.55% year-on-year. After inflation prices of apartments in Sofia decreased by 0.74% compared to the previous quarter and by 11.3% compared to the same period last year. In the last quarter apartments in the capital Sofia were sold for an average of 745 EUR/sq.m. and in Varna - 763 Euros per sq.m.

Three years after the beginning of the crisis we see that there is a slowdown in the price drop which is now close to 0% compared to the previous quarters of 2011. This is a trend we expected to happen and which started in the middle of 2010.

The accumulated nominal price decrease of apartments in the regional cities in the last 3 years is 36.45%, as according to NSI data the price drop in Sofia is 41%. The accumulated real decrease in prices since the beginning of the crisis is 40.8% on average for the country and 45.1% for Sofia.

The detailed data for of the changes in apartment prices in the big cities around the country is as follows:

Nominal and real change of prices compared to the previous quarter:

Sofia nominal growth (-0.64%) and real growth (-0.74%)
Varna nominal growth (-1.02%) and real growth (-1.12%)
Plovdiv nominal growth (+1.91%) and real growth (+1.8%)
Bourgas nominal growth (+1.84%) and real growth (+1.73%)
Stara Zagora nominal growth (-2.29%) and real growth (-2.39%)
Rousse nominal growth (-2.02%)and real growth (-2.13%)
Veliko Tarnovo nominal growth (-2.93%) and real growth (-3.04%)

Nominal and real change of prices compared to the same quarter of the previous year:

Sofia nominal growth (-8.55%) and real growth (-11.3%)
Varna nominal growth (-4.10%) and real growth (-7%)
Plovdiv nominal growth (-4.78%) and real growth (-7.66%)
Bourgas nominal growth (+1.68%) and real growth (-1.39%)
Stara Zagora nominal growth (-4.5%) and real growth (-7.37%)
Rousse nominal growth (-0.67%) and real growth (-3.66%)
Veliko Tarnovo nominal growth (-12.1%) and real growth (-14.75%)

The nominal decrease in prices compared to the previous quarter is between 0.2% and 3% (with a decrease in the 2Q compared to 1Q of between 1 and 5%) as the biggest price drops are registered in Montana (-3.6%), Pleven (-3.6%), Smolyan (-4.74%), Veliko Tarnovo (-3%) and Yambol (-4.22%).

The drops year-on-year are between 3 and 8% (with between 5% and 10% in 2Q 2011) as the biggest decrease is registered in Gabrovo (-13.8%), Pernik (-10.9%), Shoumen (-10.7%), Veliko Tarnovo (-12%), and Vidin (-10%).

---
Copyright: 2011 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. 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. 2011.


TOP PUBLISHED OFFER

 

TOP SOLD OFFER

 Ap. B16



  read more newsletters
Comments from clients
I would like to sincerely thank the boys and girls of Kazanlak office (Hristo, Desi, Stela and Bob) ...
We bought a property last year with Bulgarian Properties in the VT office. We dealt with Zdravka ...
Our most sincere thanks to Miroslav Karakolev, regional manager at office in Stara Zagora, which ...
Take a viewing trip around the properties with the help of our video clips!
Find out how we can help you sell your property
View the best properties in the top Bulgarian ski resorts!
Properties on the Bulgarian Black Sea Coast - top selection!
Latest News
Welcome to our new office in Burgas!

12/June/2019
BULGARIAN PROPERTIES

Following a strategy for presence with our own offices in all major cities and resorts in Bulgaria, we are most pleased to announce that we have opened a new office in the coastal city of Burgas!

It is located in a modern office building in Lazur area with address:

5, Adam Mitskevitch Str., etrance B, fl. 2, office 2
Burgas Office on the map
Tel: +359 56... read more

LATEST REGIONAL NEWS
Asian Festival Sofia 2019

12/June/2019
https://www.novinite.com

The third edition of the Asian Festival will be held on Saturday, June 15th, 2019, from 10am - 8pm, in Borisova Garden, Sofia.

The main goal of the event is to bring the Magic from the East of Asia to the people of Bulgaria and the international audience in Sofia, organized by the joint efforts of the Asian Embassies and Diplomatic missions in Sofia:

Bangladesh, Peo... read more

DID YOU KNOW?
Russian IT Company with over $ 1 Billion in Revenue is Entering the Bulgarian Market

08/February/2019

Russian Softline is expanding its operations in Eastern Europe, including its entry into the Bulgarian market. In 2018 it became clear that the company will start operations in Croatia, Hungary, Romania, Serbia, Slovenia and Bulgaria. The company is leading in the field of digital transformation proc... read more