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Bulgaria Residential Property Prices Collapse by 28% in 2009 Q3

Properties
The prices of residential property in Bulgaria declined by an average of 28% in the third quarter of 2009 compared to the same period of 2008.
This becomes clear from data released Friday by the National Statistical Institute, which also show that the residential property prices around Bulgaria dropped by 5% in July-September 2009 compared to the second quarter of 2009.
According to the NSI, the average price of one square meter of residential property in Bulgaria in the third quarter of 2009 was BGN 1 021,45. The residential property prices are found to be the highest in the Black Sea city of Varna – BGN 1 770 per square meter, followed by the capital Sofia BGN 1 640,33, and the Black Sea city of Burgas – BGN 1 379,83.
In the third quarter of 2009, the residential property prices in Sofia dropped by 6% compared to the second quarter of 2009. The highest decreases are registered in the northern cities: Montana – 16,3%, Vidin – 10,1%, and Shumen – 10%.