Article published on: 2008-01-30

Named the world's strongest house price riser in 2007, Bulgaria's property market is successfully keeping up its momentum in the first month of the new year, realtors say.

The capital city of Sofia and the Black Sea town of Varna are recording the most impressive growth with asking price levels in the most expensive districts close to EUR 1500/m2, shows data of the local real estate site www.imot.bg.

The districts of Yavorov, Ivan Vazov and downtown Sofia remain the costliest residential areas in the city, commanding prices of EUR 1467/m2, EUR 1466/m2 and 1425/m2 respectively.

Prices of residential property in the most expensive districts of coastal Varna, e.g. the Greek neighbourhood, overtake those in the capital with offers averaging EUR 1561/m2.

Bulgaria recorded the world's strongest house price growth last year amidst a global cooling of the property market. A study carried out by Global Property Guide (GPG) set the country's house price growth at 30.6% (15.4% in real terms) to end-Q3 2007 from a year earlier. 

Source: www.novinite.com and www.sofianewsagency.com