For the last 10 years, house prices in Bulgaria have jumped by nearly 30%, according to Eurostat data. The growth in rents is a little over 10%. The average increase for the member states of the European Union (EU) is 28.6%, and for rents – 15%.
For the third quarter of last year, the rise in housing prices in Bulgaria on an annual basis was 3.2%, which puts us in 4th place in terms of growth rate. For the fourth quarter of 2020, the growth is 4.8% on an annual basis.
For the considered 10-year period, Eurostat data show that housing prices in our country have decreased only in the period 2011-2013. However, this does not apply to rents. Until 2017, prices are rising, and after mid-2017 their pace outpaces the rise in rents.
For the past decade of all EU Member States, the strongest increase in housing prices in Estonia – 112.8%. Rents jumped by a record 143%. In second and third place are Luxembourg (99.8%) and Hungary (90.6%), and in the top 5 are also Latvia (85.6%) and Austria (81.4%). Germany, Sweden, the Czech Republic, Slovakia, Malta and others are just some of the countries where housing prices are also rising.
At the other end of the ranking is our southern neighbor – Greece, where the decrease is 28.1%. In Italy and Spain it is 15.2% and 5.2% respectively.
The trend in rents is different. There is a decline only in two countries – Greece (-25.2%) and Cyprus (-4.1%). After Estonia, the strongest increase was registered in Lithuania (109.2%) and Iceland (61.8%).
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