Bulgarian residential property prices continue to grow
New figures released by Bulgaria's National Statistical Institute have revealed that residential property prices grew strongly in the first quarter of 2007.
The average price for residential dwellings across the country now stands at 988.2 levs/m2 (£343/m2), representing a 9.3% increase on the levels seen in 2006.
Sofia and the Black Sea resort of Varna saw some of the country's strongest price growth, with the latter achieving a 16.2% increase over the same period in 2006.
The statistics also support Varna's reputation as one of the most sought-after property investment destinations, with residential property prices exceeding those of Sofia - making it Bulgaria's most expensive city.
In related news, tourist hotspots Sofia and Varna are also the most expensive cities in which to live, according to the findings of the Industry Watch report.
Georgi Stoev, an economist, explained to the Focus news agency that salaries in Black Sea areas like Varna and Burgas are subject to international competition, pushing them higher than in other parts of the country.
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