Bulgaria housing prices take one of steepest slides in Europe
Bulgaria has suffered a drastic drop in home prices in the third quarter, with the 28% year-on-year decline softer only than in Latvia and Estonia, according to the latest report of UK-based real estate consultancy Knight Frank.
The estimate ties up with figures released by Bulgaria’s statistical office, the National Statistical Institute (NSI).
NSI said on Thursday civil construction and engineering has rebounded by 2.3% in October compared with September but shrank by 15.3% on an annual basis. Building construction plummeted a double 30.6% in October from a year before, the NSI said.
The general construction market saw a 13% decline for the ten months, with building construction to blame for much of the constraction with its 17.7% year-on-year fall. Infrastructure projects between January and October recorded a 2.3% drop.
The NSI said the numbers highlight the trend that construction entrepreneurs are shifting their focus to infrastructure development.