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Housing prices in Sofia have more than doubled over a period of nearly seven years. Houses and apartments in the capital have risen in price by more than 102% compared to 2015, according to data from the National Statistical Institute. This ranks Sofia in first place among cities in the country with over 120,000 inhabitants in the ranking of real estate prices.
The prices of newly built apartments in Sofia in the third quarter of last year were 88.8% higher than in 2015, according to NSI data. In the case of existing apartments, the price increase for the same period is greater – by 110%.
Thus, the capital holds the first place in terms of price appreciation of both old and new homes. The data for such a long period of time show that in Sofia there is a serious demand for both new construction and existing houses and apartments, and prices are steadily going up.
Plovdiv ranked second among the six largest cities in the country with an increase in property prices by 81.6% over a period of nearly seven years. In all six cities in the country with over 120,000 inhabitants, the appreciation of old housing for such a long period of time is greater than that of new construction. The increase in the prices of new apartments in Plovdiv is 76.2% compared to 2015. Housing in existing buildings in the city under the hills for the same period increased in price by 86.4%, reports “Trud”.
Stara Zagora completes the top three cities with the highest property price appreciation. In the city, house prices rose by 66.3% over the period. In the case of new construction in the city, the price increase is 65.4%. In the case of existing homes, the increase in prices is only slightly greater – by 67.7 percent. Stara Zagora is the city with the smallest difference between the price movement of new and old construction.
The top five cities with the fastest rising property prices are completed by Ruse and Varna. The increase in property prices in these cities is very close to that in Stara Zagora. In fourth place in the general ranking is Ruse (+66.1%), followed by Varna with 61.5%. For nearly seven years, new homes in Ruse have increased in price by nearly 50 percent, and old construction – by over 68 percent. In Varna, there is a much bigger difference between the increase in the price of new and old construction. The increase in the prices of new houses and apartments for nearly seven years is by 40.3%, and existing homes have risen significantly more – by 74.6%. In the case of new construction, the movement of prices depends a lot on how many new buildings come on the market, in which neighborhood they are located, as well as the type of construction – whether it is a luxury gated complex or a more ordinary cooperative.
The last sixth place in the ranking for property price appreciation in the largest cities belongs to Burgas. The prices of residential properties in the seaside town have grown by nearly 50 percent on average compared to 2015, NSI data show. As the situation with new and existing houses and apartments is close to that in Varna, but here the difference in price movement is even greater. In the case of new apartments in Burgas, the price increase is by 22.6%, and in the case of housing in existing buildings, the price increase is much larger – by 71.2%. The difference in the price of new and old homes is close to 50 percent.
In the country as a whole, housing prices increased by 74.4% during the period, and in the price movement of new and old construction there is an advantage for existing housing. Apartments in old buildings have increased in price by 81%, and the price growth of new construction is by nearly 64%.
