The smallest property price decrease since the beginning of the crisis registered in 2012

2013-01-24   |  Polina Stoykova MRICS, Chief Operations Manager of BULGARIAN PROPERTIES

The data of the Bulgarian National Statistical Institute (NSI) for prices of apartments in the regional cities in the country shows that the property price drop in 2012 was the smallest since the beginning of the crisis.

The prices of apartments in the country dropped by an average of 2.65%, and in Sofia - by -1%.

Here is the data for the changes in apartment prices on average in the country over the past four years:

• 2009 -21.36%
• 2010 -10.11%
• 2011 -6.07%
• 2012 -2.65%

In 2012 the drops in prices were sub 5%, which confirms our forecast and our thesis that there is market stabilization and beginning of the recovery of the property market.

These trends are fully consistent with our data on monthly price indices based on listing prices that are available each month to provide you with the most prompt and timely picture of the property market.

Data for the fourth quarter of 2012

The real decrease of prices of apartments in the country for the fourth quarter of 2012 after inflation (calculated with the Harmonized Index of Consumer Prices HICP) is -0.98% compared to the previous quarter and -4.13% year-on-year (compared to the same quarter in 2011).

The average price of an apartment in the regional cities in Bulgaria in the last quarter of 2012 was 447 EUR/sq.m. and prices in the capital Sofia remain the highest in the country

These are the prices at which apartments in the biggest cities were sold in October-December 2012:

• Sofia – 736 EUR/sq.m
• Varna – 728 EUR/sq.m
• Plovdiv – 475 EUR/sq.m.
• Bourgas – 583 EUR/sq.m
• Stara Zagora – 448 EUR/sq.m
• Rousse – 452 EUR/sq.m
• Veliko Tarnovo – 368 EUR/sq.m

According to NSI data the prices of apartments in Sofia in 4Q 2012 decreased nominally -0.47% compared to the previous quarter and -0.88% year-on-year. After inflation (through HICP) prices of apartments in Sofia decreased by -0.77% compared to the previous quarter and by -3.62% compared to the same period last year.

The accumulated nominal price decrease of apartments in the regional cities in the last years since the beginning of the crisis is -38.29%, as the accumulated price decrease for Sofia is -41.68% The accumulated real decrease in prices (after inflation) since the beginning of the crisis is -44.39% on average for the country and -47.44% for Sofia.

Here is detailed data for the changes in apartment prices in the big cities around the country in 4Q 2012:

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

• Sofia – nominal growth (-0.47% and real growth (-0.77%)
• Varna – nominal growth (-0.06%) and real growth (-0.36%)
• Plovdiv – nominal growth (-0.61%) and real growth (-0.91%)
• Bourgas – nominal growth (+0.41%) and real growth (+0.11%)
• Stara Zagora – nominal growth (-2.53%) and real growth (-2.82%)
• Rousse – nominal growth (+0.70%) and real growth (+0.40%)
• Veliko Tarnovo – nominal growth (-1.65%) and real growth (-1.94%)

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

• Sofia – nominal growth (-0.88%) and real growth (-3.62%)
• Varna – nominal growth (-2.04%) and real growth (-4.75%)
• Plovdiv – nominal growth (-1.96%) and real growth (-4.67%)
• Bourgas – nominal growth (-2.22%) and real growth (-4.92%)
• Stara Zagora – nominal growth (-1.49%) and real growth (-4.22%)
• Rousse – nominal growth (+5.13%) and real growth (+2.22%)
• Veliko Tarnovo – nominal growth (+0.81%) and real growth (-1.98%)

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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. 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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