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
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: email@example.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.
The new season has begun and we look forward to seeing you at our offices around the country to fulfill all your real estate dreams and to help you buy, sell or rent property easily and securely, with the highest protection of your interests!
Let's see who our AGENTS OF SEPTEMBER are that we recommend with two hands!
All of them deserv...
Bulgaria Air starts offering flights to some of the most exotic destinations in the world. The Bulgarian airline has signed an agreement with the German airline Condor, part of the Thomas Cook Group, allowing passengers from Sofia, Varna and Burgas to travel to exotics such as the Caribbean, Seychelles, Mauritius, Maldives and dozens of destinations in Malaysia, with convenient connections via Fra...
Whether because of the summer heat or the favorable conditions for mountain tourism, the number of foreigners who chose to spend their summer vacations in Bulgarian mountains is on the rise. A popular place is the mountain town of Elena, which attracts with its tranquility and authentic Bulgarian houses that have preserved the spirit of the National Revival period. Along with the Bulgarian tourist...
We are always happy when we receive feedback from our clients and they share their personal experience of acquiring real estate and living in Bulgaria! Marat shares his story of purchasing an apartment in Sunny Beach, check out his tips.
The Tarsis Complex (Tarsis Club & SPA, Sunny Beach, Bulgaria) was originally planned, designed and built as a club-type resort for cosy and comfort...