23.04.2014 An official end of the price decrease – analysis based on National Statistics data
Polina Stoykova MRICS, Head of Operations and Property Research
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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