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PROPERTY PRICES IN BULGARIA ON THE RISE

Tue, Jan 24 2006 01:00 CET

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Property prices in Bulgaria increased by 36.6 per cent in 2005, compared to the previous year, according to National Statistical Institute data. In 2004 the average apartment price remained below 540 leva a sq m, rising to 738 leva a sq m in 2005. Prices vary according to region. In Sofia and Varna the increases were between 20 and 25 per cent. In smaller cities, prices rose by more than 70 per cent.
Apartments in the capital city continue being most expensive, at an average 1222 leva a sq m. The cheapest property is in Vidin, 356 leva a sq m. Bourgas property became significantly more expensive, by 46 per cent. Property in the Black Sea city costs almost as much as apartments in Sofia. Experts said that the boom that Sofia experienced a few years ago is now spreading to other cities, Dnevnik newspaper reported.Data also shows that construction is continuing at full pace throughout the country. Construction permits issued in 2005 numbered 55 per cent more than those in 2004. Smaller apartments are now more preferred than larger ones, while larger buildings are being constructed. The process is tied to the popularity of housing loans. More users are buying property with loans, experts said.

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