Residential real estate markets in Bulgaria and other parts of Eastern Europe are showing signs of recovery with some areas recording price increases and a rise in the number of new properties being built.
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According to the Ober-Haus Baltic Apartment Price Index for May, apartment prices in most of the capital cities in the Baltic region increased by around 0.7% to a new average price of €1025 per square meter.
The report also shows that, while annual price changes are now in positive territory again, average apartment prices have dropped by approximately 34% since the peak of the market in December 2007.
In Bulgaria builders and developers are returning to the market with the number of new properties being built increasing by 16.7% in the first quarter of 2011. But the figures also show that the number of new developments is still way below what it was a year ago, with new house construction down 5.3% year on year.
The largest numbers of residential building permits were granted in the Black Sea cities of Varna and Bourgas, followed by Sofia. The average usable area per unit went up to 77.8 square meter compared with 76.4 square meters in the same period in 2010. The largest flats and houses were built in Gabrovo, Sofia, Yambol and Razgrad, while the smallest homes were in Vidin and Plovdiv.
Overall, the index concludes that now is a good time for investment because, while there are signs that prices are rising, the real estate markets in the Baltic have some way to go before they get back to where they were in 2007.
The report also shows that, while annual price changes are now in positive territory again, average apartment prices have dropped by approximately 34% since the peak of the market in December 2007.
In Bulgaria builders and developers are returning to the market with the number of new properties being built increasing by 16.7% in the first quarter of 2011. But the figures also show that the number of new developments is still way below what it was a year ago, with new house construction down 5.3% year on year.
The largest numbers of residential building permits were granted in the Black Sea cities of Varna and Bourgas, followed by Sofia. The average usable area per unit went up to 77.8 square meter compared with 76.4 square meters in the same period in 2010. The largest flats and houses were built in Gabrovo, Sofia, Yambol and Razgrad, while the smallest homes were in Vidin and Plovdiv.
Overall, the index concludes that now is a good time for investment because, while there are signs that prices are rising, the real estate markets in the Baltic have some way to go before they get back to where they were in 2007.
Related articles:
Bulgarian Property Prices Reach Their Baseline
Time to Buy in Bulgaria's Recovering Property Market
Bulgaria Gateway Property Market Analysis - Q1 2011
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