Home prices in Bulgaria fell by 12.4% in Q1, according to data released today by the National Statistics Institute (NSI).

This is a decline of 8.4% year-on-year.

Prices in the capital city Sofia lost the considerable 16.6% to an average pf 1980 leva per square meter. Sofia thus slipped to number two in the chart of most expensive cities for real estate in Bulgaria. Number one now is Varna, where prices fell by just 5.7% in Q1 to 1982.17 leva/sq m.

All major cities in Bulgaria saw homes depreciate in Q1 - Veliko Turnovo (-25.1%), Kiustendil (-21.5%), Blagoevgrad (-20.5%), Ruse (-18.8%), Vidin (-17.8%).

The index of home prices stood at 91.6% year-to-year in Q1.

The average price in the country is currently 1190.72 leva.

Kiustendil has the lowest average price of 599.08 leva per sq m. Shumen saw the weakest decline in prices - just -2.3%.