Figures reveal Bulgaria property price fall

The price of property in Bulgaria is falling as a result of the global financial slump, it has emerged.

According to figures outlined in Bulgarian weekly publication Stroitelstvo Gradut, the cost of real estate has dropped in 23 of the country's 28 regions, the Sofia Echo reports.

Veliko Turnovo has seen the largest fall with prices decreasing by 11.7 per cent, while homes in Varna and Sofia have dropped in value by 1.3 per cent and 0.5 per cent respectively.

The average price of property in the country has now fallen by 4.1 per cent, the first time values of homes in Bulgaria have gone down in price since 2001.

Investors looking at purchasing property in the country may wish to do so now in order take advantage of the falling prices.

Those considering buying a Bulgarian property were recently advised by Quest Bulgaria magazine about obtaining a mortgage in the country, noting that the market differs from that in the UK.

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