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Lot Price Increase In Bulgaria Gains Momentum

The price increase for lots usually happens at a slower pace than the one of other real estate, but in 2006 site prices in Bulgaria increased with almost the same speed as the residential property prices.

Increase in the lot prices had an impact on the prices of all other real estate, 24 Chassa daily said.

A differentiation in site prices increase had begun in Sofia in 2006. The value of some lots had raised by five to six per cent, while prices of others reached an increase of 15 to 17 per cent, said.

Location and investor interest had bigger impact on price change then the supply.

Foreign investors interest in real estate made a number of owners offer their property for sale, 24 Chassa said.

The most expensive lots were offered in the centre of Sofia. Price of a sq m raised by 11 per cent within a year and reached 978 euro.

Plovdiv was the most intensively developing property market, according to 24 Chassa.

Unlike developments in Sofia, higher supply in Plovdiv meant price decrease. In some residential districts the prices fell by 10 to 14 per cent.

In Varna and Bourgas the prices were raising regardless the lack of supply.

Resorts remained the most attractive property markets in 2006, 24 Chassa said. Bansko winter resort registered the biggest price increase of 20 per cent.