Housing Prices Fall 2.7% in 2012

Housing Prices Fall 2.7% in 2012

Housing prices in Bulgaria fell by 2.7% in 2012 after dropping 6.1% a year earlier, the statistics office said.

Average housing prices nationwide fell to 881.38 levs ($600.1/450.6 euro) per square metre (sq m) last year from 905.39 levs per sq m in 2011, the National Statistics Institute (NSI) said in a statement on Wednesday.

Residential property in the town of Montana, in northwestern Bulgaria, recorded the steepest decline in terms of value, 12.1% down year-on-year.

Housing prices in the fourth quarter edged down by 0.7% quarter-on-quarter to 875.14 levs per sq m. Apartments in the capital city of Sofia remained most expensive, although their prices went down by 0.5% to 1,440.50 levs per sq m in the fourth quarter.

Housing prices in the Black Sea city of Varna were the second highest in Bulgaria in the fourth quarter of 2012 at 1,424.93 levs per sq m, down 0.1% compared with the third quarter.

Burgas, a major port city on the Black Sea coast and a holiday destination, ranked third with prices of 1,140.43 levs per sq m in the three months through December, 0.4% up on the quarter.

The most significant fall in housing prices in the fourth quarter was registered in the southern town of Kardzhali and in Razgrad, in northeastern Bulgaria. The housing prices went down by 2.9% on the quarter in both towns to 662.16 levs per sq m in Kazrdzhali and to 646.18 levs per sq m in Razgrad.

The NSI data reflect prices in apartment sale deals reported by real estate brokers operating in the administrative centres of Bulgaria's 28 regions.


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