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The total increase in the value of properties in the country exceeds 34%
Plovdiv is second in the ranking
Housing in Sofia has risen in price by 46% in four and a half years. This places the capital in the first place among the cities of the country with more than 120 thousand inhabitants in the ranking of real estate prices. The prices of newly built apartments in Sofia in the second quarter of the year are 40.6% higher than in 2015, according to data from the National Institute of Statistics. In the case of existing apartments, the increase for the same period is much higher, at 48.3%. Data from such a long period of time show that in Sofia there is a high demand for both new construction and existing housing.
Second among the six largest cities in the country is Plovdiv with property prices increasing by 45.9% over a period of four and a half years. Unlike Sofia, in the city under the hills the price increase for new construction is higher than for old houses. The increase in prices for new apartments in Plovdiv is 49.7% compared to 2015. Housing in existing buildings in the city under the hills during the same period has increased by 44.4%.
In new construction, Plovdiv is ahead of Sofia with a price increase of 49.7% over four and a half years.
Varna, Stara Zagora and Ruse complement the top five of the big cities with the fastest growing real estate properties, where the increase in prices for the period is at a similar rate, by 30-36%. However, with a slight lead in third place in the overall ranking is Stara Zagora (+ 36.3%), followed by Ruse (+ 34.4%) and Varna (+ 30.2%). But for each of these cities there is a significant difference between the price movement of new and existing homes.
In Varna, new apartments have risen in price by 19.2% over the period, and in existing ones the price increase is much higher, almost 37%. As in the NSI data, real estate transactions in resorts are not included.
In Stara Zagora the situation is different. The increase in the price of new construction is significantly higher: by 52.4%, since in this segment of the market the city is ahead even of Sofia and Plovdiv and occupies the first place in the ranking. In new construction, price movement largely depends on how many new buildings come on the market, what neighborhood they are in, as well as the type of construction, be it a luxury gated complex or a simpler building. All these factors have led to new apartments in Stara Zagora becoming more expensive than in Sofia, although the demand for housing in the capital is higher due to the rapid growth of the city. For existing apartments in Stara Zagora, the price increase is also serious: 31%, according to national statistics.
In Ruse, apartments in existing buildings have risen in price by 36.6% over the period, while in new ones the price increase is significantly lower, almost 20%.
The last sixth place in the ranking of property prices in the largest cities is for Burgas. Housing prices in the coastal city have increased by an average of 23.3% compared to 2015, according to INE data. In the case of new apartments, the increase is only 14.4%, but in the case of homes in existing buildings, the price increase is much higher, almost 32%.
In the country as a whole, house prices for the period have risen 34% and in the movement of new and old construction prices there is an advantage for existing houses. Apartments in old buildings have risen in price by 36.4% and the growth in prices of new constructions is 30%.
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