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Housing prices in Bulgaria accelerate their growth in the second quarter
Housing prices in Bulgaria are accelerating their growth on an annual basis compared to the first quarter, both nationally and in the country's major cities, according to data from the National Statistical Institute (NSI).
In the second quarter, housing prices in the country rose by 15.5% on an annual basis, which is a slight acceleration compared to the 15.1% growth in the first quarter. Prices of existing homes are rising faster than those of new homes, by 16% and 14.9% respectively. Compared to the first quarter, prices in the country have risen by 3.8%, according to national statistics.
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Varna – leader in housing price increases
Varna ranks first in the country among the six cities with a population of over 120,000 in terms of housing price increases on an annual basis, with a rise of 19%. In the first quarter, housing prices there rose by 18.4%. Prices for both new and old homes in the seaside city are growing at double-digit rates, by 21.1% and 17.8%, respectively. Compared to the first quarter, housing prices in Varna have increased by 1.8%, with a slight decline of 0.6% in new construction.
Housing prices in Sofia are also rising sharply. In the second quarter, they rose by 16.3% on an annual basis, after an increase of 14.1% in the first quarter. New and existing homes in the capital rose at almost the same rate over the year, by 16.8% and 16% respectively. In one quarter, housing prices in Sofia rose by 4.9%.
In Plovdiv, housing prices rose by 15.7% compared to the same period last year. Although still high, price growth there has slowed slightly compared to the first quarter, when it reached 17.9%. This is due to the slowdown in the rise in prices of existing homes to 14.2% compared to the annual growth of 19.2% in the previous quarter. New homes in the region have risen in price by 17.6%. Compared to the first quarter, housing prices in Plovdiv have increased by 3.4%.
In Burgas, housing prices are also rising by double digits, up 14.2 percent, mainly due to older buildings, which have risen in price by 19.4 percent over the year. New homes are also increasing in price, but at a more moderate rate of 6.8%. The growth in housing prices in the city is also accelerating compared to the first quarter, when it reached 10.6% on an annual basis. In one quarter, housing prices in Burgas rose by 6.2%, the highest quarterly growth in the country.
In the second quarter, housing prices in Stara Zagora also grew by double digits, rising 13.7% year-on-year, with the increase here also mainly due to the sharp rise in the price of older properties. In Ruse, housing prices rose more moderately, by 7.4% compared to the second quarter of last year. This is also the only large city in the country with a decline in housing prices on a quarterly basis of 3.1%.
Housing sales in Bulgaria are increasing
Housing sales in the country have increased by 23% year-on-year in terms of value and by 2.8% in terms of number, according to separate data from the National Statistical Institute (NSI).
Varna and Sofia are the country's leaders in terms of sales growth in value, with 27.2% and 27% year-on-year, respectively. In Plovdiv, the increase is 21%, while in Burgas there has been a 16% decline.
Sofia leads the country in terms of sales growth with 7.2%. In Plovdiv, they increased by 3.7%. At the same time, the NSI reports a decline in sales in Varna and Burgas of 3% and 24.4%, respectively.
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