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Bulgaria’s real estate to rise 10-15% in 2008

Bulgarian house prices are expected to increase by 10 to 15% in 2008, according to a forecast Monday by local Real Estate agency Address.

The sharp price movements, which characterized 2007 are expected to level off in 2008, Katya Tsenova, managing partner of Address, told a news conference. The agency’s experts predicted growing prices for suburban property and property with good characteristics. Prices will level off or grow slower for flats in blocks with prefabricated panels, it said. The growth of land prices will continue to influence housing prices, and the real estate market in towns with a population below 50,000 will become more active. House prices in 2007 in terms of actual deals were up 18.6% from 2006, Tsenova said, noting that the average price per square meter in 2007 was €737 ($1083) while the figure in 2006 was €624 ($917). Real estate in Rousse (on the Danube) appreciated the greatest in 2007 with a jump of 41%. The most expensive house sold by Address in 2007 was in the suburb of the capital and fetched €1.3 million ($1.911 million). (