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
We returned from our trip to Bulgaria last week and felt as though we owed it to Victor and his ...
My partner and I have bought a wonderful house in Manolovo through the Kazanlak office. We would ...
Be as SCARED as my wife was it's only natural... We bought in Boyanovo. I'm a sceptical ...
Buy in Bansko - the biggest ski resort in Bulgaria with the best prices in Europe!
Our team of experienced lawyers can consult you on any legal matter
Read topical information about Bulgarian real estate, economy and tourism!
Don't waste time for vewing trips! Organise property viewings via Skype!
Latest News
Bulgaria Ranks 11th Among the Best Countries in the World

15/February/2019
novinite.com

Bulgaria ranked 11th in the Good Country Index, prepared by the team of independent British political consultant Simon Anholt, Manager.bg writes.

For the purpose of the ranking, Anholt's team uses data from 35 world organizations, including the United Nations and the World Bank, to determine the contribution of individual countries to the overall well-being of humanity over their c... read more

LATEST REGIONAL NEWS
Special Themed Museum Tours Begin This Saturday in "Square 500"

21/February/2019
Novinite.com

Special themed museum tours begin this Saturday in "Square 500".

The permanent exhibition of the National Gallery presents, in principle, the most significant examples of Bulgarian fine art, as well as works by European masters, art from Asia, Africa and Latin America.

The museum tours that start this Saturday are very different from anything that has been done so far... read more

DID YOU KNOW?
Bulgaria's Revenue from Foreign Tourist Arrivals Grows 9.7% in the First Half of 2018

21/August/2018
https://www.novinite.com

SOFIA (Bulgaria), August 17 (SeeNews) - Bulgaria's revenue from foreign tourist arrivals rose by an annual 9.7% to 1.3 billion euro ($1.5 billion) in the first six months of 2018, the tourism ministry said on Friday, quoting data from the central bank.

In June alone, Bulgaria's revenue... read more