Residential Property Prices In Bulgaria up Nearly Eight per cent In 2007
Prices of residential property in Bulgaria for the first three months of 2007 went up by 7.74 per cent compared to figures for the last quarter of 2006.
The price growth in beginning of the year was fast and slowed down in March, Dnevnik daily reported.
The highest price increase was registered in the coastal city of Bourgas, over 17 per cent. Finished appartments in good condition and luxurious apartments are the most preferred residential property on the market.
Plovdiv ranks second in price increase as the figures for the fisrt quarter of 2007 showed a 6.8 per cent growth compared to prices over the last quarter of 2006. Newly constructed residential property in one of the largest residential districts in Plovdiv Kyuchuk Paris costs from 500 to 520 euro per sq m in March 2007.
Prices in Sofia went up by 2.61 per cent.
The coastal city of Varna outstripped Sofia in real estate prices. The average price of residential property there reached 765 euro per sq m for the first quarter of 2007. In comparison, the prices in Sofia for the same period were estimated to 726 euro per sq m.
Supply consisted mainly of new constructions in the first months of the year. Many owners still refrain from offering the most attractive apartments for sale since they await the period shortly before completion, when a higher price can be demanded.
Source: Sofia Echo April 18 2007