House Prices in Bulgaria See Biggest Increase since 2008

Sofia, Sept 23, (BTA/GNA) – House prices here continued to increase in the second quarter of 2022, according to data from the National Statistical Institute (NSI). Compared to the same period in 2021, house prices in the country have increased by an average of 14.6%, which is the largest increase in the indicator since the third quarter of 2008. In the first quarter, the increase was 11.5%.

Housing went up by 9.8% year-on-year in EU Member States in the first quarter of 2022, according to Eurostat. That number was 10.5% in the eurozone. This is the largest quarterly increase in the EU since the last quarter of 2006.

Existing homes prices rose by 16% and new construction increased by 12.3% year-on-year in the second quarter in Bulgaria.

Of the six cities with a population of more than 120,000, the biggest increase in property prices was in Ruse – с 23.3%, followed by Sofia with 17%, and Burgas with 14.9% year-on-year. The remaining cities are Stara Zagora, Plovdiv, Varna with 12.6%, 8.6%, and 7.9% respectively.

Compared to the previous quarter, housing prices in Bulgaria in the second quarter of 2022 as a whole increased by 3.1% reports the NSI. In the first quarter, the increase in the value of residential real estate was 5.2% compared to the previous quarter.

Of the cities with a population of more than 120,000, the biggest increase was registered again in Ruse – 9.5%, followed by 6.2% in Stara Zagora and 4.9% in Burgas. In Sofia, there was a 3.3% increase, while Plovdiv and Varna saw a 0.5% and 0.4% decrease respectively.

BTA/GNA