Property Prices In Bulgarias Smaller Regions Remain Unchanged

Several years ago, analysts in Bulgaria found it difficult to believe that property investors will become interested in areas close to Bulgaria's bigger cities and will launch a number of projects there.

Investors have worked on entire apartment and villa complexes in smaller and less popular regions, 24 Chassa newspaper reported.

Significant amount of funds was allocated to such projects. A number of property seekers showed more interest in getting a new apartment close to some major city, rather than an old house located in it, the report said.

As a result of the constant construction, the price of property in such regions remained almost unchanged throughout 2006.

In some regions, the price of property even went down. Varna region registered a 15 per cent price decrease. The reason is that a number of new apartments were offered for sale in the region, 24 Chassa reported.

The average price per sq m in the region decreased from 600 to 510 euro. Supply also brought down the prices of property in the Bourgas region.

Nearly 1400 houses were offered for sale in 2006 in the Sofia region. The average  price was 483 euro per sq m.

In Bansko, average prices reached 800 euro per sq m. Prices are significantly lower  in the areas located close to the resort, the report said.