[size=75:33pllxub]novinite 22 January 2010

Bulgaria Residential Property Prices Down by 26% in Q4 y/y

rices of residential property in Bulgaria declined by an average of 1,9% in the last quarter of 2009 compared to the previous, data from the statistics office shows. The decrease on an annual basis is 26,3%.

According to the National Statistical Institute, the average price of one square meter of residential property in Bulgaria in the last quarter of 2009 was BGN 1 001,72.

Residential property prices are found to be the highest in the Black Sea city of Varna – BGN 1686,17 per square meter, followed by the capital Sofia BGN 1585,17 and the Black Sea city of Burgas – BGN 1360,33.

In the last quarter of 2009, the residential property prices in Sofia dropped by 3,4% compared to the third quarter of 2009. The highest decreases are registered in the northern towns of Pleven (6,4%) and Russe (5,6%), as well as the second-biggest town of Plovdiv (5,7%).

I know this isn't good for the owners but from a buyers point of view it is, but realistically I think a lot of property is over priced at the moment which stems from the buying frenzy of 2006/7

I totally agree property has been overpriced for a long time,as i dont think i will ever move again i dont really take much notice of prices now,but for sellers it must be very frustrating,



Mike

The problem is that property in England droped for such a long time people dont want to pay high prices anymore but like everwhere the seller needs as much as they can get. but you are right if the property is overpriced people wont buy, the property is only worth what a buyer will pay for it.

Hev

Got to agree with all that's said here I've been watching the market for quite a while now and I think now is the time to buy but you still have to be careful there are still those out there who think they are sitting on Gold especially some of the REA's great post and great comments to

It’s interesting to see that you have all agreed with my comments here which just goes to show that it must be common knowledge? but I must say I don't think I'm common