Bulgaria’s New Property Prices go up, Old Property Decreases in Value
The price of old property began to decrease due to the mass construction in bigger cities and in popular resorts.
Property prices went up by 4.7 per cent on the average during the first three months of the year, data of the National Statistical Institute said.
Until recently new and old property sold at nearly the same prices, Capital reported. Location, quality of additional works and the completeness of the project came as secondary factors.
In Sofia, Varna, Plovdiv, Bourgas and Bulgaria’s coastal resort supply already surpassed demand, which started affecting prices, Capital reported.
Despite the decrease the National Statistical Institute presented prices remain stable overall without great changes. Six cities registered price decrease in the second quarter of 2006, including Blagoevgrad, Kurdzhali and Plovdiv.
Source: Sofia Echo
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