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The last decade has been a dynamic one for real estate in Bulgaria according to recently released data from the National Statistical Institute (NSI), reports House Sales Bulgaria (http://www.housesalesbulgaria.com/). The prices of residential property in Bulgaria have surged by over 200% on average over the past 10 years.

Data from Bulgaria’s National Statistical Institute (NSI) and Registry Agency reveals that the prices of residential property in Bulgaria have grown by a staggering 200% over the past decade. The real estate sector saw a massive building boom and a steep increase in the number of completions of residential property sales in Bulgaria. The data shows that between the year 2000 and the third quarter of 2008, the prices of property in Bulgaria rose rapidly, with an average growth of 201% over a ten year period. The largest increase was 330% in the city of Silistra, with Turgovishte seeing a 310% increase and Kurdjali a 309% rise. Analysts of real estate in Bulgaria point to the fact that properties in many of Bulgaria’s residential areas were under-priced for many years, with the last decade witnessing a rebalance, with prices coming more into line with the growing demand. Between 2008 and 2010 prices then began to fall once again.

There’s no doubt that Bulgaria’s property market has seen dynamic shifts in the last decade; those wishing to sell property in Bulgaria in the early to middle years of the last decade would have been able to ask for substantially higher asking prices than those selling at the end of the decade. However, the recent further recalibration of the market – with vendors bringing asking prices back to realistic levels -has kept the market from stagnating. According to Bulgaria’s leading daily newspaper the Sofia Echo, “In 2011, the number of deals is expected to rebound, which will be a sign that the market has headed for recovery”.

For further insight into the current market of property in Bulgaria, view the latest property listings at http://www.housesalesbulgaria.com/.