Bulgaria property prices down by 0.8%

Consumers looking to find property in Bulgaria may choose to take advantage of falling property prices in the East European country.

House prices fell during the second quarter of 2010 by an average of 0.8 per cent compared to Q1, reported Property Wire.

According to the National Statistical Institute (NSI), 13 Bulgarian towns and cities saw a decline in their housing markets, most notably in Gabrovo where prices were down 8.3 per cent between April and June 2010.

Despite the drop in market value, Address, a real estate consultants, claimed that overall Bulgaria's property prices have increased by 300 per cent over the last ten years.

The NSI stated Bulgarian property prices peaked between July and September 2008 at 1418 leva per square metre.

Meanwhile Bulgaria's construction sector has also seen decline, reported the Sofia Echo last month. Figures released by the NSI showed Bulgaria's construction industry had seen a 3.7 per cent fall during May 2010 thought to be a result of a drop in real estate and infrastructure construction.
 

Like this? Then share with your friends and colleagues!