Sofia Residential Property Prices Drop by 16% in 3rd Quarter 09

Sale of commercial space in downtown Sofia is advertised on dumpsters. The photo is dated end of September 2009. Photo by BGNES

The residential property prices in the Bulgarian capital Sofia have dropped by 16% in the third quarter of 2009 compared to the same period of 2008.

This has become clear from the new index of Raiffeisen Real Estate, which uses its own research, and official data from the National Statistical Institute, the National Real Estate Association, and other market sources.

The index, which had reached 177 points in the third quarter of 2008, is now down to 152 points. The residential property prices in Sofia are back to their levels from the end of 2007, and the beginning of 2008.

The Raiffeisen Real Estate index shows that the commercial property (offices, stores, storage space) prices have declined by 26% year-on-year; they reached their peak in the fourth quarter of 2008.

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