Prices in Bulgaria declined in the third quarter

Prices in Bulgaria declined in the third quarter

The average value of residential real estate in Bulgaria has continued a slow decline in the third quarter of 2013, reports ee24.com citing novinite.com.

The cost of housing in prime locations in the third quarter decreased by 1.8 % compared to the same period last year. Property prices in Bulgaria are reduced for the fourth consecutive year.

The average cost of housing in the Bulgarian capital of Sofia is €737 per sq.m, in the coastal Varna - €705 per sq.m, and in Burgas - €568 per sq.m.

The most significant decline was observed in the cities of Vidin, Vratsa and Dobrich, where unemployment is rampant. Falling prices are not dictated by weak demand, but rather the desire of owners to quickly part with property belonging to them and get cash, as well as buyers' limited budgets.