In 2013 prices for agricultural land in Bulgaria increased by 8.6% at an annual rate. Growth took place in 2014 just before the restrictions on the land purchase by foreigners were annulated. In 2013, agricultural land in Bulgaria cost approximately 594 BGN (Bulgarian leva) (approx. €303) per 1,000 sq.m – reports ee24.com citing NewsBG.ru and the National Institute of Statistics. Over the last 4 years such land in Bulgaria increased in price by 113% in total.
The largest price increase was recorded for the vineyards (+21.8%, €63 per 1,000 sq. m), fields (+11.7%, €318) and for the land where vegetables are grown (+5.1%, € 221). At the same time pasture-land prices decreased (-8.8%, €101).
The most expensive land located in the North-eastern region of Bulgaria, just as it was in 2012 (827 BGN or €422 per 1,000 sq.m). For comparison, in 2010 the price was 365 BGN. The largest price increase was recorded in the south-eastern region of Bulgaria (+38.7%, €245). Land price in the southwest region dramatically decreased (-35%, €154). Prices level in the south central region remained the same (-1.9%, €183).
As for the rent, the vineyards "grown" most of all – by 61.9% to 34 BGN (€17.4) per 1,000 sq.m. A basic rent rates for agricultural land in Bulgaria increased in 2013 by 11.8% to 38 BGN (€19.4) per 1,000 sq.m.
Restrictions for land purchase by foreigners were actively discussed in Bulgaria at the end of 2013, as moratorium deadline expired. As a result, due to a very low land prices and the fear that all the country will be bought up, the Bulgarian authorities, prolonged restrictions despite the European Union requirements that country has joined. At the end of January 2014 the Constitutional Court of Bulgaria decreed that the moratorium should be annulled, as EU laws are above Bulgarian. The authorities are thinking about new restrictions.