Sat, Nov 21 2009

Housing prices in Bulgaria fell 28 per cent year-on-year – official

Fri, Oct 23 2009 15:22 CET byClive Leviev-Sawyer 1870 Views 8 Comments
Housing prices in Bulgaria fell 28 per cent year-on-year – official

Photo: Maria Subotinova

Average market prices of housing in Bulgaria dropped by five per cent in the third quarter of 2009, a decline of 28 per cent year-on-year, according to National Statistical Institute figures released on October 23 2009.

 

All regional centres saw a decline in prices in Q3, with the sharpest drops in Montana (16.3 per cent), Vidin (10.1 per cent) and Shoumen (10 per cent).

 

In Sofia, the Q3 decline in housing prices was six per cent.

 

The fall in Q3 was less steep than in the second quarter, where figures were 10 per cent lower than in Q1.

 

In the third quarter, housing prices were highest in Varna, at 1770 leva a sq m, followed by Sofia at 1640.33 leva a sq m and Bourgas at 1379.83 leva a sq m.

 

The lowest average market price for housing was recorded, according to the National Statistical Institute, in Kyustendil, at 545.94 leva a sq m.

 

Comments

Anonymous thetravelbug Sat, Nov 14 2009 18:12 CET
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I have seen a marked increase in enquiries for rural village houses in last few months, but agree that apartments in resorts and cities were over priced and there were too many dodgy developers around as well as bad agents. Hopefully as others say, only decent ones will survive down turn.

Anonymous Mikael/Sweden Fri, Oct 30 2009 01:39 CET
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It will take years before prices recovered. The tourist industry has built hotels for tourists who do not recur, the price of land has risen for the same reason, and the price of apartments has rail for it to sell to private individuals denominated. Bulgaria has received a bad reputation, and people who invested in the apartments have been bad landlords who charge excessive prices for electricity and water. And Bulgaria, which has an average income per household at 777 Lev will not be able to afford to buy these apartments. And for the rest of us, there's more tursit friendly countries to invest in that will provide a better return.

Anonymous Cosmos Wed, Oct 28 2009 23:51 CET
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This happens all the time look at the UK in the (1980/1990)2000/2008 up and down like a yoyo property will increase again given time.

Anonymous visionz Tue, Oct 27 2009 22:01 CET
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Its called 'reality' expat.. i pitty anybody who bought into the fake surge earlier this decade... big shock a comin!

Anonymous expat Tue, Oct 27 2009 17:09 CET
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this is called a deflation ! the longer you wait the more likely you will get the property cheaper, which results that no one is buying now, because one can expect to save money by waiting ! when no one is buying the prices will fall again and this results in a downward spiral !!! VERY, VERY DANGEROUS. Japan was/still is in such a situation for more than 10 years ! (admitted due to other circumstances).

nevertheless I strongly believe that the BG real estate market was way too overpriced, especially in combination of the quality the buildings are done!!
There must be a mind change in quality of service and construction !!! HOPEFULLY only the serious and good quality companies will survive !!!

Anonymous where Mon, Oct 26 2009 23:58 CET
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where is that .

Anonymous where Mon, Oct 26 2009 23:58 CET
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where is that .

Anonymous j cairns Mon, Oct 26 2009 11:37 CET
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whats the prices like in dobrich

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