Bulgarian statistics show a drop in housing prices in Sofia and Plovdiv

The housing price index in Sofia decreased by 0.1% in the fourth quarter of 2023 - compared to the third quarter. Since the end of 2015, there have only been three quarters when prices have fallen – the second one of 2020 (-1.7%), the second of 2021 (-1.5%) and the fourth one of 2022 (-2.5%).

A quick check by Economic.bg in the archives of the National Statistical Institute (NSI) showed that there was no change in the prices of newly built homes on a monthly basis. However, the average price of existing properties (secondary market) went down by 0.2%.

Some statistics

It is also clear from the data that properties across the country have increased in price by an average of 1.2% on a quarterly basis. The biggest increase was registered in Stara Zagora (+8.2%), followed by Burgas (+6.3%) and Varna (+1.7%). A decrease was registered in Plovdiv (-0.5%) and Sofia (-0.1%).

If we look at the annual changes, however, we see a rise in prices across the country of as much as 10.1%.

New versus older buildings

In Stara Zagora, new home prices rose by 6.7%, and the secondary market grew by 8.9%.

In Burgas, the price of new homes decreased by 3.4%, but the price of older housing increased by 10.6%. In Plovdiv, on the other hand, the price of new homes marked a drastic drop of 4.9%, but the average price of older properties rose by 4.1%.

Translated by Tzvetozar Vincent Iolov

Tags: Bulgarian housing market, Bulgarian housing prices, Bulgarian housing statistics