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Housing prices in Bulgaria continue to increase in the second quarter of the current year, according to data from the National Statistical Institute (NSI), BTA informs.

Compared to the same period of 2021, real estate prices in the country have increased by an average of 14.6 percent, and this is the largest increase in the indicator since the third quarter of 2008, according to a reference in the NSI data.

In the first quarter of 2022, home prices rose 11.5 percent year-on-year, a record since 2008 at the time the data was released.

For the period April-June 2022, compared to the second quarter of 2021, the prices of existing homes increased by 16 percent, and new construction increased by 12.3 percent year-over-year. 

Of the six cities with a population of over 120,000 people in the country, the increase in property prices was the largest in Ruse - by 23.3 percent compared to the second quarter of 2021.  

Sofia ranks second with 17 percent growth in the second quarter compared to a year earlier. 

In third place is Burgas with an increase of 14.9 percent per year.

In fourth, fifth and sixth place are respectively Stara Zagora (+12.6 percent), Plovdiv (+8.6 percent) and Varna (+7.9 percent increase for the year).

Compared to the first quarter, housing prices as a whole increased by 3.1 percent, NSI data also show, after the first three months (January-March) the increase in the value of real estate for residential needs was 5.2 percent compared to the period October-December 2021.

In the cities with more than 120,000 inhabitants on a quarterly basis, the largest increase is again in Ruse - by 9.5 percent, followed by Stara Zagora (+6.2 percent) and Burgas (+4.9 percent).

In Sofia, in the second quarter compared to the first three months of the year, the increase in house prices was 3.3 percent. 

In Plovdiv and Varna, during the reporting period, prices decreased by 0.5 percent and 0.4 percent, respectively, compared to the beginning of the year. 

Currently, at the European level, up-to-date data on housing price movements for the first quarter is available.

For this period, Eurostat reported that housing prices rose by 9.8 percent in the entire EU and by 10.5 percent in the eurozone countries.

This is the largest quarterly increase in the EU index on an annual basis since the fourth quarter of 2006.

NSI: 14% higher costs for employers

In the US, home prices rose 7.7 percent year-on-year in August.

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