The Dynamic Agricultural Land Market in Bulgaria

The agricultural land market in Bulgaria is special and it is harder to summarize it because of the different quality and category of the land. According to the data of the real estate company BULGARIAN PROPERTIES prices of agricultural land in Bulgaria dropped by an average of 30% in 2009 and the demand in 2009 fell by about 50% compared to 2008.

“If in 2008 average prices of sold agricultural land were about 350 BGN/decare in 2009 they were already sold at about 250 BGN/decare. The active participants on the market withdrew and the number of deals dropped significantly. The only exception from the general statistics is the big and grouped plots of land – their prices didn’t decrease as the supply is limited and the demand is stable. These are plots of land over 100,000 sq.m. which are arable,” comments Polina Stoykova, Chief Operations Manager of BULGARIAN PROPERTIES.

According to her the market is more dynamic since the beginning of 2010 compared to the previous year which is mainly due to the lower prices and to their return to the 2006-2007 levels. There is interest both in large and small plots for investment purposes from private persons with a budget between 2,000 and 15,000 Euro. Sales have been made at prices between 150 and 250 BGN/decare while in the peak before the crisis prices were between 250 and 500 BGN/decare and even higher in some regions of the country.

The expert’s observations show that at present the plots sold most often are cheap with good parameters, mainly for investment purposes with the assumption that in the long run the land’s price will grow. The cheapest land is to be found in Northwestern Bulgaria and the most expensive is traditionally in the northeastern part of the country.

Land prices in Bulgaria are lower compared to the rest of the EU countries and in the long run they will increase, forecasts Polina Stoykova.

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