September 4, 2007
BULGARIAN PRICES UP ACROSS THE BOARD
In the picturesque small country of Bulgaria, real estate prices are continuing to rise across the board, according to the latest report from the country’s National Statistical Institute. The average price of a residential property in the Republic of Bulgaria is around £286 per square metre at the end of the first quarter of this year. This figure is up £10 per square metre in just three months.
The capital, Sofia, also the the heart of the Sephardic Jewish culture in the country, continues to offer the highest average prices. Property there now is reported to be worth a record £467 per square metre. It is a rise of over two per cent over the first quarter of 2006.
In the Black Sea coast, in the hot spots of Varna and Burgas, average values are rising to near Sofia’s levels. The average prices are pegged at £440 and £426 per square metre respectively. However, in the resort towns on the coast, property prices have reached levels far in excess of these figures. Some properties in booming Sunny Beach now listed at over £1,000 per square metre.
“It’s more positive news from Bulgaria,” claims Jamie Liddell, chief foreign correspondent for Blendon Communications, publishers of Homes Overseas magazine. “Value increases in the urban centres are evidence that the country’s boom is not confined merely to the foreign-buying hot spots. Nevertheless, there is always the risk of great volatility in such relatively new markets and buyers should always take full independent legal and financial advice before proceeding with any property purchase.”
Posted on: Bulgaria
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