Rural Properties in Bulgaria - Report by BULGARIAN PROPERTIES for 2Q of 2010
The average price of rural properties sold in the second quarter of 2010 is 14,600 Euro which is similar to the average price in 2009 – 14,300 Euro. There is an increase in the average price of rural properties compared to the first months of 2010.
The average price of rural properties sold in the second quarter of 2010 is 14,600 Euro which is similar to the average price in 2009 – 14,300 Euro. There is an increase in the average price of rural properties compared to the first three months of 2010 of about 50% - then it was 9,640 Euro. This means that the price decrease in the first quarter disappeared in the second.
The other interesting thing on the rural property market is that there is a significant growth in sales of 70% in 2010 compared to 2009. This is due to the fact that in the beginning of 2009 the rural property market was at a standstill.
In most regions price decrease is minimal compared to the average levels in 2009 and is much less compared to the bigger price decrease in the beginning of 2010. There are regions in which prices have increased slightly but this is valid for well kept properties – for example in the region of Pleven where prices were lower compared to the average prices around the country.
In the regions of Varna and Dobrich rural house prices have not changed, like in most regions. However, prices of rural properties in the region of Vidin continue to fall compared to 2009; rural properties around the city of Bourgas are sold mainly in the area of the town of Karnobat, as they are cheaper - the average price being 9,000 Euro.
In the last 2 months the share of Bulgarian rural property buyers has increased by about 10%.
Average prices* of rural properties sold in the second quarter of 2010 as per region and percent change compared to average price levels in 2009:
• Regions of Varna and Dobrich – 14,750 Euro – no change from 2009
• Region of Bourgas (in the area of the town of Karnobat) – 9,000 Euro
• Region of Plovdiv – 15,956 Euro -1.5%
• Region of Stara Zagora – 12,870 Euro -5%
• Region of Veliko Tarnovo – 11,050 Euro -4%
• Region of Vidin – 5,120 Euro -27%
• Region of Montana – 4,000 Euro –17%
• Region of Pleven – 6,800 Euro +42%
• Region of Yambol – 12,400 Euro -4%
* The average prices for 2009 and 2010 are formed based on actual concluded deals with BULGARIAN PROPERTIES clients.
BULGARIAN PROPERTIES’ statistics shows the following:
Average price of the concluded deals with rural properties for the second quarter of 2010: 14,600 Euro with average price in the first quarter - 9 640 Euro
Average price of the concluded deals with rural properties for first half of 2010: 11,400 Euro
Price increase in the second quarter compared to the first quarter of 2010: +52% - return to price levels in 2009
Price increase in the 2Q compared to 2009: +2%
Accumulated decrease of average prices of rural properties in the first half of 2010 compared to 2009: -20%
Increase in the number of rural property deals in 1Q 2010 compared to 2009: +70%
Fluctuation of average prices of rural properties through the years:
Average prices and growth/decrease compared to the previous year:
• 2004 – 11,300 Euro
• 2005 – 15,450 Euro +37%
• 2006 – 18,510 Euro +20%
• 2007 – 24,800 Euro +34%
• 2008 – 30,800 Euro +24%
• 2009 – 14,300 Euro -53,5%
• First half of 2010 – 11,400 Euro -20%
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