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EU ACCESSION INCREASES RESIDENTIAL PROPERTY PRICES IN BULGARIA

Wed, May 02 2007 09:06 CET 387 Views
EU ACCESSION INCREASES RESIDENTIAL PROPERTY PRICES IN BULGARIA

The price increase of residential property in Bulgaria after the country's EU accession is sufficiently higher than expected, research ordered by investor.bg showed.

The price hike concerns both old and new construction in Sofia and in other bigger cities and towns.

The prices per sq m went up three to 12 per cent in Sofia's residential disitrcts of Lyulin, Mladost and Nadezhda.

In some parts of the residential districts, prices wend down by four to five per cent. The growth difference was attributed to the willingness of some property owners to sell their apartments at much higher prices than the normal values.

Residential property prices in the other towns remained almost unchanged in the past four months. Only some parts of the coastal cities of Varna and Bourgas experienced more tangible price increase.

According to an online poll of investor.bg, 30 per cent of the Bulgarians think that EU membership led to a sufficient increase of residential property prices. Another 17 per cent said that the increase was insufficient and 22 per cent said that the increase concerns only some regions of the country.

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