Residential property prices in Bulgaria register an average increase of 10 per cent in first half of 2007

There will be an even greater price increase on luxury properties.The price of the average residential property price rose 10.34 per cent in the first half of 2007, according to Address real estate agency data.

The average sale price of residential units around the country in the period from January to June is 692 euro per sq m, compared to 627 euro per sq m in the period from July to December 2006. Brokers expect the annual price hike to reach 15 or 16 per cent. There will be an even greater price increase on luxury properties.

Apartments in the city of Blagoevgrad registered the highest price rise, at 22 per cent. Average sale price of residential units there reached 525 euro per sq m. The price is comparable to the average price of an apartment in Plovdiv, which is 534 euro per sq m.

The price of residential properties in Sofia increased by 11.98 per cent. The highest price hike was registered in Nadezhda, Liulin, Manastirski Livadi and Drizhba residental districts. This is normal, as prices in these suburban areas were the lowest in the capital, so many buyers turned their attention to them.