Home Prices in Bulgaria Up 18.6% in 2007

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Home Prices in Bulgaria Up 18.6% in 2007

Home prices in the country grew by an average of 18.6% in 2007, Address Real Estate Agency said today. The average buying price last year stood at 737 euros/square meter, compared with 624 euros in 2006.

The most popular type of home for Bulgarians is still the two-bedroom apartment with a price tag of up to 60,000 euros, according to Address.

The prices of existing homes are rising faster than those of newly built homes. Their hike last year stood at 45% in Ruse, 41% in Varna, and 40% in Sofia.

Prices of new construction rose 49% in Ruse, 31% in Burgas and 22% in Stara Zagora. There were more new homes on the market last year, but demand still stays higher than offering.

Katya Tsenova, managing partner and Address CEO, said she expects prices to continue to rise in 2008, but will slower pace, which would stabilize the market. Mrs. Tsenova said that the 2008 hike in residential prices is projected at 10-15%. Quality homes in the city suburbs will rise the most. The prices of panel apartments will slow down compared to other segments.

“We expect a consolidation on the market over the next years. The trend will be shaped up by larger projects. Investors will be mainly focusing on construction of residential complexes in the suburban city areas, the so-called satellite villages and closed-type apartment complexes. There will be numerous projects, which means that only the best ones will be highly successful. Buyers will be more selective next year,” Mrs. Tsenova also said.

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