Call
Send Email
Messenger
WhatsApp
Bulgarian housing prices up 22% Jan-Sept 07
Nation-wide housing prices jumped 22% in January-September 2007 to around 1,120 levs, shows data released by Bulgaria's statistical authority on Tuesday.
The biggest spike - over 45%, was registered in the city of VIDIN, North-western Bulgaria, followed by Sofia with 34%.
The price increase recorded by the statisticians in the first nine months has already beaten the forecasts for a full-year gain of 15% made by realtors in early 2007.
The residential market in Vidin also posted the biggest price increase in Q3 with 20%, followed by Sofia with 15% and Blagoevgrad with 12%.
The latest gains reinstate SOFIA as the nation's most expensive housing market with an average price of close to 2,000 levs/sq m. It leapfrogs VARNA, taking a lead of more than 150 levs/sq m on average over homes in the coastal city which was consistently pipping the capital, albeit fractionally, over the past two years.
The realtors explained the surge with the fact that, in an overwhelming number of cases, the full price of the property transactions is being reported to the registry offices.
Over 80% of the residential market is loan-financed and the banks prefer to have on paper the real price of the property, said Lyubomir Stanimirov.
Rising inflation and food prices act as an additional incentive for people to invest in the real estate market, said Hristo Boikov.
Driving the pricing upside is the new construction segment which recorded the biggest hike, said Stanimirov.
Residential districts like Manastirski Livadi, Malinova Dolina, Studentski Grad and Vitosha, where over 70% of the supply is new construction, are at the center of the trend. Asking prices in these neighborhoods have zoomed up from 800 euro/sq m at the beginning of the year to 1,200 euro/sq m, said Stanimirov.
The explanation for the price gains in Vidin has to do with the launched construction of a new cross-Danube bridge and the big number of residents of area villages that have sold land to the developers of logistics and business parks and now invest in urban homes.
The market in Ruse, also on the Danube, is benefiting from an influx of cash from Romanian home buyers, said Boikov.
Read articles
Read more news
More News
Bulgaria’s capital has topped the European Best Destinations ranking, putting Sofia in the international spotlight as an exciting place to visit, live and invest in property.
Sofia has been named Europe’s Best City Break Destination for 2027, taking first place in the prestigious ranking by European Best Destinations.
The Bulgarian capital emerged as the...
Bulgaria's property market is entering a more balanced phase, with price growth slowing but no signs of a market crash. At the same time, the country's entry into the eurozone is creating new opportunities to attract international property buyers and investors. These were among the key messages shared by Polina Stoykova MRICS, Managing Director of BULGARIAN PROPERTIES, during an inte...
We are entering the final quarter of the year – traditionally one of the most important periods for the property market.
Following the summer months, September brought the market back to its usual rhythm. Buyers are active again, sellers are moving ahead with their plans, and quality, correctly priced properties continue to find their new owners.
One of the key trend...
We are welcoming Autumn with encouraging signs from the Bulgarian property market! 🍂🏡
August, traditionally one of the quietest holiday months of the year, brought a noticeable increase in activity. The market once again demonstrated that when attractive properties are offered at the right price, buyers are ready to act and transactions can happen quickly.
