Financial and business news from Bulgaria

Surprise! See the change in house prices in the country over the past 10 years

Property prices have been growing rather faster than rents in the last nearly 10 years. In the second quarter of the year house prices in the country are nearly 27% higher compared to 2010, according to data from the European statistical office Eurostat. For the same time, rent increases in the country by about 14%.
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It turns out that Bulgaria is in the golden environment among EU countries. The increase in prices and rents of homes in total for member states is almost as much as in Bulgaria - 25% and 14.2% respectively for the last nearly 10 years.

But rents and house prices for this long period of time have moved in a completely different way in EU countries, writes Trud.

While rents are steadily increasing, house prices fluctuate. After a sharp decline between the second quarter of 2011 and the first quarter of 2013, house prices remained more or less stable between 2013 and 2014.

Then there was rapid growth and since the beginning of 2015 house prices have been increasing much faster than rents.

In the second quarter of 2020 compared to 2010, house prices increased in 23 Member States and decreased in four.

The greatest appreciation in Estonia (+100,5%), Luxembourg (+85.8%), Latvia (+77.3%) and Austria (+75,9%). Price reductions were reported in Greece (-31%), Italy (-13.2%), Spain (-5.6%) and Cyprus (-3%).

Bulgaria is in the middle of the ranking of EU countries in terms of appreciation of residential properties. Our country performs better than the Netherlands, Ireland, Croatia, France, Slovenia, Finland and Romania, as well as the four countries with falling prices.

In rents, the movement pattern is slightly different. In the second quarter of 2020 compared to 2010, rents increased in 25 EU Member States and decreased in only two. Rent increases in Estonia (+135.8%), Lithuania (+105.4%) and Ireland (+62.3%). Rents decreased only in Greece (-25.2%) and Cyprus (-4.8%).

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