NSI data: Nominal Prices of Apartments in Bulgaria Fall by 2.34% 1Q 2011. Real Price Drop after Inflation Is 3.93%

On 21.04.2011 the Bulgarian National Statistical Institute (NSI) announced its data for 1Q 2011 for the prices of apartments in the regional cities around the country. Statistics shows that the decrease in the prices continues but now it has slowed down significantly. Average prices of apartments in Bulgaria have dropped nominally by 2.34% compared to the previous quarter and by 5.62% compared to the first quarter of 2010. The real decrease of prices of apartments after inflation is 3.93% compared to the previous quarter and 9.68% year-on-year (compared to the same quarter in 2010).

For Sofia the nominal decrease in prices is 4.42% compared to the previous quarter and 3.95% year-on-year. After inflation prices of apartments in Sofia decreased by 5.97% compared to the previous quarter and by 8.09% compared to the same period last year.

The data for 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 (-4.42) and real growth (-5.97)
• Varna – nominal growth (-2.39) and real growth (-3.99)
• Plovdiv – nominal growth (-2.80) and real growth (-4.38)
• Bourgas – nominal growth (2.06) and real growth (0.39)
• Stara Zagora – nominal growth (1.95) and real growth (0.29)
• Rousse – nominal growth (2.51) and real growth (0.84)
• Veliko Tarnovo – nominal growth (-3.82) and real growth (-5.38)

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

• Sofia – nominal growth (-3.95) and real growth (-8.09)
• Varna – nominal growth (-8.53) and real growth (-12.47)
• Plovdiv – nominal growth (-2.38) and real growth (-6.59)
• Bourgas – nominal growth (-6.47) and real growth (-10.50)
• Stara Zagora – nominal growth (2.37) and real growth (-2.04)
• Rousse – nominal growth (-7.86) and real growth (-11.83)
• Veliko Tarnovo – nominal growth (-10.10) and real growth (-13.98)

The decrease in prices compared to the previous quarter is between 2 and 5%. The bigger price drops year-on-year are normal as in the first 2 quarters of 2010 the process of price reduction continued and the market became more stable in the second half of 2010. The accumulated nominal price decrease compared to their peak value in 3Q 2008 is 34.87% (average for the country) while the percent for the capital Sofia is 39.40%. The accumulated real price decrease (after inflation) from their peak value until now is 39.10% on average for the country and 43.34% for Sofia.

For more information about the quarterly fluctuations of apartment prices please view the graphs above.

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