Bulgaria Residential Real Estate Market Continues to Slump

Bulgaria's real estate market is worsening, according to NSI. Photo by BGNES

The residential real estate prices in Bulgaria are down nearly 10% during the second quarter of 2009 compared to the first one.

In comparison with the same quarter of 2008 the residential market prices are down 22%.

The data was released Thursday by Bulgaria's National Statistics Institute (NSI).

During the second quarter of 2009, the price decrease was registered in all regional cities with the highest decreases in Ruse (14,4%), Vratsa (14,3%), Plovdiv (14,1%), Burgas (12,3%), Pleven (12,2%) and the capital Sofia (12%).

The average market price for residential properties is BGN 1 078 per square meter.

The Black Sea capital Varna has the highest prices - BGN 1 827 per square meter, followed by Sofia - BGN 1 745 per square meter, and the other Black Sea City, Burgas - BGN 1 472 per square meter.

Among the regional cities Kyustendil has the lowest residential property price - BGN 541 per square meter.

 

 

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!