Photo: archive, BGNES
Housing prices in Sofia have more than doubled over a period of nearly eight years. Houses and apartments in the capital have risen in price by 116% compared to 2015, according to data from the National Statistical Institute. This ranks Sofia in first place among the large cities in the country with over 120,000 inhabitants in the ranking of real estate prices, reports “Trud”.
The prices of newly built apartments in Sofia in the third quarter of last year were exactly twice as high as in 2015, according to NSI data. In the case of existing apartments, the price increase for the same period is greater – by more than 125%. Thus, the capital holds the first place in terms of price appreciation of old homes. The data for such a long period of time shows that in Sofia there is a serious demand for both new construction and existing houses and apartments.
Ruse ranks second among the six largest cities in the country with a nearly 100% total increase in property prices over a period of nearly eight years.
The top three cities with the highest real estate appreciation are completed by Plovdiv. In the city, house prices have risen by over 96% over the period. As the prices of new construction have almost doubled, and the increase in the price of existing houses and apartments for nearly eight years is by 92.5%. Plovdiv is the city with the smallest difference between the price movement of new and old construction. In most cities in the country with over 120,000 inhabitants, the appreciation of old homes over such a long period of time is greater than that of new construction. Exceptions are Stara Zagora and Plovdiv.
The top five of the big cities with the fastest rising property prices are completed by Varna and Stara Zagora. But property appreciation in these cities is quite different. In fourth place in the general ranking is the city of Varna (+87.7%), followed by Stara Zagora with 73.9%. In Varna, there is a very big difference between the increase in the price of new and old construction.
The increase in the prices of new houses and apartments in nearly eight years is 73%, and existing homes have risen significantly more – by 97%. In 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.
In Stara Zagora, the price increase for new construction is over 82 percent, and the prices of old houses and apartments have increased by 71%.
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 city increased by an average of 73.1 percent compared to 2015, NSI data show. As the situation with new and existing houses and apartments is similar 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 48.6%, and in the case of housing in existing buildings, the price increase is much greater – by over 93%. The difference in the price of old and new homes is 45 percent.
In the country as a whole, housing prices have risen by more than 90% for 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 97%, and the price growth of new construction is by 79%.
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2024-01-11 05:03:00
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