Property markets in Bulgaria and other parts of Eastern Europe are seeing signs of a recovery with an increase in the number of new properties under construction as well as an increase in prices.
However, whilst the number of new homes is rising in several Baltic and Eastern European countries, levels are still low in historical terms.
More property being built in Bulgaria
Recent figures show that the number of new properties being built in Bulgaria increased by 16.7 per cent in the first quarter of 2011. Most building permits were issues in the cities of Bourgas and Varna on the Black Sea, with Sofia in third place.
The largest new houses and apartments were built in Yambol, Sofia, Razgrad and Gabrovo whilst the average size of new properties was smallest in Plovdiv and Vidin.
Whilst the number of new homes in Bulgaria is rising, the numbers are still 5.3 per cent down on this time last year.
Property markets in other Baltic countries showing signs of recovery
The property markets in other Eastern European and Baltic countries are also seeing the green shoots of recovery. Apartment prices in the Lithuanian capital, Vilnius, rose by 0.7 per cent in April taking the year on year rise to 3.6 per cent.
In the Estonian city of Tallinn, the average apartment transaction value in Tallinn increased 11.1 per cent in April 2011 after decreasing in March. Over the last year, the average apartment price per square metre increased 14 per cent to ââ¬1,041.
The property market in Latvia has seen small price rises in the last year. Apartment prices in the capital Riga have risen by 4.8 per cent over the last twelve months and have an average price of ââ¬937 per square metre.
