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Real estate market in Bulgaria.
In September 2002, the National Property Association of Bulgaria (NRPA), established the Bulgarian Real Estate Market Index /REMI/, based on the average sales price of property in Bulgaria. For the period of 15 months (from September 2002 until the end of 2003), REMI increased by 21,9 points. In the year 2003, real estate prices average growth rate reached 18,2 points for the entire real estate market in Bulgaria. For the 12 months of 2004 the index increased with 30,9 points.
Residential
There were more offers of high quality for recent developments or renovated apartments providing contemporary design and excellent finishing works. The sale price depending on location and type of construction is in the range between EUR 300/sq.m. and EUR 1300/sq.m. Varna and Burgas witness the most noticeable rise of the real estate prices, on average 30 - 34%. Gated communities attract more and more attention in Sofia and in the biggest Black Sea coastal cities and are going to be the newest trends in Bulgarian Real Estate Market. During the last year the market segment of luxury estate has changed significantly. In 2004 sale price of exclusive residential property increased with more than 30%. They were offered at average price of EUR 950/sq.m.
Office/Commercial
The office space supply in Sofia was higher in the last two years. Market demand for office space was relatively flat. Average sale price of offices was about EUR 870/sq.m. In Varna the sale prices reached the same level of EUR 1200/sq.m. In the last quarter or 2004, the office sale prices in Burgas jumped with more than 20% while the increase for the whole year was 33%.
Land
Plots of land were also attractive for investment purposes. In 2004 in Sofia their prices had increased with 40% on average compared to 2003. Some parcels in the big cities on the Black Sea had reached EUR 250/sq.m. for Varna and EUR 310/sq.m. Burgas, which is 15% for Varna and 25% for Burgas rise compared to year 2003. The steady growth of real estate prices in Bulgaria is projected to last untill Bulgaria's full accession to the EU in 2014 when the prices will mach those of the European markets. Bulgarian real estate market will maintain its special place in international real estate market due to the abundance of rare natural environment and fast developing infrastructure.
