Since 2014, strict rules on construction will be introduced in Bulgaria. New buildings will fully comply with European quality standards, which will lead to increasing of housing prices by 10-15%, writes ee24.com.
Residential property prices in Bulgaria were declining during several years, but in 2013 the fall has dramatically slowed, and experts began to talk about the period of stabilizing on the market. According to the National Institute of Statistics, in Q1 2013 housing in Bulgaria was worth €443.2, in Q2 2013 - €443, in Q3 2013 - €442.3 per sq.m. In Sofia and resort cities on Sunny Beach, prices have even slightly increased.
Positive dynamics in the aftermath of the crisis, coupled with the rising costs of construction due to the implementation of European standards, can significantly increase the final cost of housing.
Portal ee24.com expert opinion
Nicola Stoyanov, entrepreneur, manager of "Chobanov and Stoyanov": "Now in Bulgaria there are debates among developers about increasing prices for construction. Starting next year, we'll have new standards on fire safety, on protection from natural disasters and accidents and so on. These standards, which apply to all segments, will increase the cost of construction. My colleagues, other developers, have estimated that this increase will amount to 15%. Final prices will automatically increase by 10%."
In an interview to portal ee24.com Nicola Stoyanov said that rise in price won't affect buildings that are already under construction, as they were designed by old standards.