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Residential Property Prices in Bulgaria to Increase by 10% by the end of 2007
26th June 2007

Residential property prices in Bulgaria's large cities are expected to increase by the end of 2007, predictions of real estate agency ERA Bulgaria show.

Residential property prices in Sofia went up 16% in the first quater of 2007 and those in Varna 18% as compared to figures for the last quater of 2006, ERA managing director Teodora Dimitrova said as quoted by investor.bg

For the same period, vacation property prices at the Black Sea and Winter resorts increased 22%

The average price growth for the first six months of 2007 reached 25% in some of Bulgaria's bigger towns. Mladost and Vuzrazhdane residential district in Varna and some regions of Sofia saw 25% increase, Dimitrova said.

The average price growth of new construction in Sofia's residential district of Mladost reached 15 - 20%

The figures exceed expectations for a slight increase of residential property prices in Bulgaria after its EU accession.

fast development of the mortgage market and high demand for ready apartments feature among the main factors that influenced the dynamic price increase in the country, Dimitrova said.

Bulgaria continues to be the EUs sheapest country concerning residential property prices. The averages in prices in European capitals vary between €150,000 and €200,000. In Sofia, the average price of a 60 - 70sqm apartment varies between €70,000 and €80,000