Real Estate Prices In Bulgaria Continue Rising

Real Estate Prices In Bulgaria Continue Rising

Real estate prices in Bulgaria are continuing to go up – prices in Sofia rose 16% in first quarter, 18% in Varna, says Teodora Dimitrova, executive director of real estate company Era Bulgaria. 

Prices of properties on the Black Sea Coast and in the mountain resorts increased 22% for the period.
A total of 311 581 deals involving real estete were made in Bulgaria in 2006, which is 27% up from the previous year. 174 000 deals were made for the period October 2006 – March 2007, and the number of deals in 2007 first quarter is 56 348.

The average property price in Varna stood at 1646 leva/sq.m.(841.5 euros/sq.m.) in first quarter , 1588 leva/sq.m. ( 812 euros/sq.m.) in Sofia, 1312 leva/sq.m. (670 euros/sq.m.) in Burgas and 964,3 leva/sq.m. (493 euros/sq.m.) in Blagoevgrad.

According to Mrs. Dimitrova the main reason for the dynamics of the market is the fast development of the mortgage credit industry. Around 70% of credits are secured by mortgages, she added.

The number of buildings in construction is expected to grow this year – a total of 4049 construction permissions were issied in the country in 1Q. Mrs. Dimitrova also said that real estate prices are expected to rise by approximately 10% this year.

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