Bulgaria Sees Further Drop in Dwelling Prices

Bulgaria's dwelling prices have decreased by 6.4% year on year during the second quarter of 2011, according to the country's National Statistical Institute.

The dwelling prices have dropped with 1.6% in comparison with the year's first quarter. According to the statistical institute, the average price for a dwelling has been BGN 908.98 per square meter.

Dwellings have been most expensive in the Black Sea capital Varna, with an average of BGN 1 508.67 per square meter, followed by Sofia (BGN 1 465.79) and the country's second largest Black Sea city of Burgas (BGN 1 163.02).

The market price index of the dwellings measures the total relative price change of the prices of existing dwellings (newly built flats, houses and luxury dwellings are excluded). The object of the statistical survey is the prices of flats really sold, by households, in the towns and cities with the status of district centers.