The prices of residential property in Bulgaria have fallen by over six per cent in the last year, the country’s National Statistics Institute reveals.

Prices are highest in the city of Varna, costing 1,493 Bulgarian lev per square metre, whereas the average nationwide is 901.32 lev per square metre. In Sofia and Bourgas, the price is 1,456 and 1,184 lev respectively.

Around twenty cities in Bulgaria saw property prices drop, with the most significant decline seen in Smolyan which dropped 4.7 per cent followed by Yambol and Pleven, which dropped 4.2 per cent and 3.7 per cent respectively. Plodiv and Bourgas saw an increase in average property prices, up 2.5 per cent and 6.8 per cent.

There have been an increasing number of commercial properties sold in major cites, mainly due to company expansion and businessmen setting up offices in the country. Commercial sites and retail outlets have become popular purchases within the main shopping areas of the towns, which could be why the residential prices have fallen.

One way to save money when buying property in Bulgaria is to use a currency specialist when transferring your pounds into Bulgarian levs to complete the purchase of your property. For more information on this, contact Smart Currency Exchange.

To understand the full step-by-step process to buying a property in Bulgaria, collect The Overseas Guides Company’s ‘Bulgaria Property Buying Guide’