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Residential property prices in Bulgaria's coastal town of Varna increased between 15 and 20 per cent since the beginning of 2007.
The increase is 10 per cent higher than agents’ predictions, Dnevnik daily reported.
Many buyers could not find property that answered their needs in the end of 2006 and the beginning of 2007 was also strong in terms of sales numbers.
National Statistical Institute (NSI) data showed that average apartment prices in Varna increased by 16 per cent in the first quarter of 2007 reaching 840 euro per sq m.
Brokers could not predict prices increase by the end of 2007 due to real estate market dynamics.
The price increase concerns traditionally expensive residential districts in Varna among which Chaika, 950 euro per sq m Levski, 833 euro per sq m, Mladost, 732 euro per sq m and Vuzrazhdane, 655 euro per sq m.
The price increase in Mladost and Vuzrazhdane was attributed partially to new malls that are being built in the region.
Most expensive residential property can be found in the sea garden, the Greek residential district and resort complexes. The prices in these regions vary between 1500 and 2000 euro per sq m.