Housing prices in Bulgaria increased by about 25 per cent in the three years between the third quarters of 2015 and 2018, according to the National Statistical Institute (NSI).
The largest increase was in Bulgaria’s capital city Sofia, 34 per cent, followed closely by Plovdiv, 31.4 per cent, the NSI said.
Similarly, there were significant increases in housing prices in Bulgaria’s other four large cities.
In Varna, Rousse and Stara Zagora, the increases were just more than 25 per cent. In Bulgaria’s second-largest Black Sea city Bourgas, the increase was 17.76 per cent.
The increases were the highest in Bulgaria’s six largest cities are a result of wage growth and job creation, accompanied by a long-standing trend of urbanisation.
Prices of existing apartments rose at a greater rate than those of newly-built ones, going by the NSI statistics.
Over the three-year period, prices of older apartments rose by an average 26.41 per cent, while those of new apartments rose by 22.41 per cent. This was the trend in Sofia, Vana, Bougas and Rousse, while in Plovdiv, prices of older and new apartments rose at about the same rate.
The exception was Stara Zagora, where prices of new apartments increased by 31.11 per cent, compared with 23.62 per cent for older ones, according to the NSI.
(Photo: Sami C)