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An official end of the price decrease – analysis based on National Statistics data
According to calculations of BULGARIAN PROPERTIES, based on the data from the National Statistics Institute (NSI) about the apartments' prices in the regional cities in Bulgaria, the property prices in Bulgaria registered their first real* annual increase of +1.79% in the first quarter of 2014, which officially puts an end to the real estate price decrease.
This result is fully in line with our forecast at the end of last year about the end of the downward trend and the beginning of a new stage of the market development.
The positive market trend is most evident in the capital of Sofia, where the housing prices in Q1 experienced a third consecutive real* annual growth of +4.77% . Compared to the previous quarter the property prices in Sofia increased by +0.97%. Currently the property market in Sofia is recovering relatively quickly, which is confirmed by the increased number of deals this year and is also observed in BULGARIAN PROPERTIES' monthly price indeces (BPI).
The average price of an apartment in the regional cities in Bulgaria in Q1 2014 was 443 EUR/sq.m (compared to 442 EUR/sq.m in Q4 2013).
The average prices at which apartments in the big cities in Bulgaria were sold in Q1 2014, according to NSI data, are as follows:
• Sofia – 748 Euro/sq.m.
• Plovdiv – 482 Euro/sq.m.
• Varna – 700 Euro/sq.m.
• Bourgas – 568 Euro/sq.m.
• Stara Zagora – 449 Euro/sq.m.
• Veliko Тarnovo – 368 Euro/sq.m.
* real change - Real change is estimated after inflation deduction, calculated with the Harmonized Index of Consumer Prices (HICP). The deduction of inflation provides a more accurate estimation of the real price changes, so when using the NSI data we always make the necessary calculations to obtain a more precise market picture.
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Copyright: 2014 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. and the Author 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. 2014.
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