The Bulgaria property construction industry leapt by a staggering 46 per cent during the second quarter of 2010, when compared with the previous quarter, according to the latest report released by the National Statistics Institute.
The report shows that Bulgarian property building permits rose by 46 per cent, while actual construction of homes in Bulgaria shot up by 70 per cent. Although this is a noticeable rise, it still represents a 21 per cent decline on a year-on-year basis compared to the corresponding quarter in 2009.
The greatest volume of new build homes are being constructed in Sofia, Varna, Plovdiv and Bourgas with 438, 675, 413 and 460 residential units being constructed respectively. Bulgarian property prices are generally most expensive in these cities.
The rise in the residential construction level is surprising given the depressed state of the Bulgaria property market. Nevertheless, it does suggest that sentiment may be on the road to recovery.
Property prices in this once booming hotspot have plummeted across Bulgaria in the past two years, following an oversupply of new build homes and a fall in residential demand.
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