Property values still falling in Bulgaria

The first six months of 2011 is expected to see further price falls across the property market in Bulgaria according to several leading real estate brokers.

Official figures recently released from the National Statistical Institute (NSI) show that residential property prices have taken a bashing in the years following the global credit crunch.

By the end of 2010 the cheapest real estate prices were recorded in Kyustendil at around 565 leva per square metre while the average prices in the capital had fallen to 1,569 leva per square metre.

Real estate prices peaked in 2007 and property transactions were at record levels, post recession property values are said to have dropped by a third and sales over the last four years have almost halved on residential properties, commercial buildings and land. The amount of building permiss granted has also dropped according to data supplied by the Registry Agency.