The prices of Bulgarian residential properties have increased on average by three per cent to 1418 leva a sq m in the third quarter of 2008, compared to the previous quarter, data from the National Statistical Institute has showed.
Flats sell for more than 1000 leva a square metre in half of the country’s 28 administrative centres.
Brokers say the market is settling and switching to stand-by mode as some sellers have withdrawn hoping for better times, while others are chopping off prices with loan installments digging deeper in their pockets.
Property prices in Bulgaria’s second largest city of Plovdiv have seen the biggest rise, growing by 11 per cent, followed by Dobrich in northeastern Bulgaria, where residential property was up nine per cent.
The increase hovers around five per cent in the other regional cities.
Prices went in nine major towns, with Shoumen posting an eight per cent drop. Home prices in Varna, Bulgaria’s biggest Black Sea city, registered their first fall, be it a negligible eight leva a sq m.
Sofia retained the lead as Bulgaria’s most expensive city, with appartments selling on average for 2470 leva a sq m, a 6.8 per cent quarterly rise. The runner-up was Varna with 2129 leva a square metre, followed by Bourgas with 1755 leva a sq m and Plovdiv with 1655 leva a sq m.
