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| Bulgaria’s house prices rising rapidly, due to strong economic growth | ||
After almost five years of stagnation, Bulgaria’s house prices are now rising rapidly, thanks to falling interest rates and stable economy. The recovery is led by the country’s capital, Sofia, with double-digit house price rises.The nationwide house price index rose by 8.82% (9.79% inflation-adjusted) during the year to Q3 2016, a sharp improvement from a rise of just 2.04%y-o-y a year earlier and the highest annual increase since Q4 2008, according to the National Statistical Institute (NSI). During the latest quarter, house prices increased 1.59% (1.29% inflation-adjusted) in Q3 2016. Prices of new dwellingsrose 7.9% (8.6% inflation-adjusted) y-o-y in Q3 2016, after annual rises of 4.9% in Q2 2016, 5.8% in Q1 2016, 4.5% in Q4 2015, and 3.8% in Q3 2015. During the latest quarter, prices of new dwellings increased 3.8% (3.3% inflation-adjusted) in Q3 2016. Prices of existing dwellings surged 9.3% (10% inflation-adjusted) y-o-y in Q3 2016, a sharp improvement from a meager growth of 0.9% in Q3 2015. The almost zero interest rates on bank deposits have encouraged people to invest in real estate, and also encouraged purchases of pre-construction residential property. Bulgaria’s property market is expected to remain strong in 2017. Demand for properties in the major cities continues to grow, and supply is increasingly limited by low levels of new construction. Bulgaria’s economy expanded by 3% in 2015, an improvement from annual growth rates of 1.5% in 2014, 1.3% in 2013, and 0.2% in 2012, and the highest expansion since 2008, mainly due to higher net exports and public investment, according to the International Monetary Fund (IMF). The economy is expected to expand by another 2.8% in 2017, according to the IMF. European Union citizens can now purchase properties in Bulgaria, including land. The 5-year moratorium on land purchases, set as a condition in the Accession Treaty between Republic of Bulgaria and The European Union, was lifted in January 1, 2012. Previously, foreigners could purchase land only in the name of a legal entity and were not allowed to own a property. The lifting of the ban now gives European citizens the right to own property as individuals. Source: globalpropertyguide.com |
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