Eurelated Property Price Boom Predictions Fail Coming True In Bulgarias Varna

The price of property in the coastal city of Varna varied between 500 and 1500 euro per sq m,  head of the Varna real estate association (VANI) Dobromir Ganev said.

Nearly 15 000 properties were offered for sale, said Ganev. The average prices were 700 to 800 euro a sq m, Bulgarian news agency BTA reported.

Predictions of major price increase related to Bulgaria's EU entry have not become fact in Varna yet, said Ganev. The increase registered so far is one per cent per month.

Ganev said that the demand for office property is expected to decrease.

Office rent prices remain between four and eight euro per sq m. Price differences resulted mainly from the location of the building, said Ganev. After a price increase rents are expected to reach 10 to 15 euro per sq m.

Some foreign investors were interested in the construction of business centres in Varna, said Ganev. It was difficult for them to find the proper plots in the business part of the city, however, said he.