Bulgarian Property Prices drop further still in 2011.

According to the National Statistical Institute, prices of property across the nation dropped by 6.1% on average throughout 2011.

Amongst the most severally effected districts were:  -6.9% in Pernik (just outside of Sofia), -8.3% in Motnana (north of Sofia) and -4.9% in Yambol (Southeast Bulgaria).

As a whole, the average per sqm prices in the major urban areas are now:

• Sofia:     745 Eur /sqm
• Varna:   747 Eur /sqm
• Bourgas:   597 Eur /sqm

Data relevant to foreign owners of property in tourist areas of Sunny Beach and Bansko are less clear, however these are expect to as follows:

• Sunny Beach:   475 Eur /sqm
• Bansko:             330 Eur /sqm

So how is Bulgaria’s property market faring by comparison to other European nations?

• Netherlands -5.20%
• Portugal -6.77%
• Slovak Republic -7.94%,
• Warsaw, Poland -7.95%
• Spain -8.41%

Prices are expected to decrease further still in 2012. Foreign owners can expect the same level of Russian buyers to prop up demand along the coast. However, the volume of competition / new vendors shows no signs of slowing, thus the chances of selling decrease as the volume of supply, stock and desperate vendors continues to climb.