Bulgaria prices continue to rise

According to recently released figures from the National Statistical Institute (NSI), apartment prices in Bulgaria are continuing on an upward trend.

In the two quarters of 2007, the average price for an apartment in Bulgaria rose by 5.4%. For the first time in history, floor space for an apartment has risen over the 1,000 leva (approximate US$690) per square metre mark to 1,041 leva per square metre. At the start of the year, the average price per square metre was just 988 leva.

Unsurprisingly, the most expensive apartments tended to be located in Varna on the Black Sea Coast, where apartments average 1,710 leva per square foot, and Sofia, where apartments average around 1,648 per square foot. And it’s not just the new builds either – although there are huge numbers of new apartments being built around the country, old apartments are still popular and are increasing in price alongside the new-builds.

Part of the attraction of older apartments are that they are already built – many people buy new apartments off-plan meaning a long wait before they can actually move in. There is also an undersupply of new apartments meaning the less picky buyers are going for older apartments.

Experts predict that prices in Bulgaria will continue to rise. If you choose well, you may see double digit rises in your property’s value, however the majority of property in the country is expected to rise by about 5-6% a year. Even with the property price boom of the last few years, apartments are still cheap by European standards with a new build apartment at the All Seasons Resort near the ski-resort of Bansko starting from around US$60,000.

If you are planning to buy property in Bulgaria, check out our guide to the buying process here.

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