Move-in Ready Homes Down 21% in 1 Year
Published: August 11, 2024, 9:44 PM
Move-in ready homes down 21% in 1 year
The second quarter of 2024 saw a significant decrease in the number of newly completed homes in Bulgaria, with a total of 5,090 dwellings built, down 21% compared to the same period last year. This is according to preliminary data released by the National Statistical Institute (NSI).
The average size of new homes in Bulgaria during the second quarter varied across different regions. The largest average area was recorded in Lovech (168 square meters) and Ruse (160 square meters), while the smallest were in Vidin (63 square meters) and Sofia (70 square meters).
The majority of newly completed homes were two- or three-room apartments, accounting for 39.4% and 33.8% respectively of the total. Most new residential buildings were constructed using reinforced concrete (77.1%) or brick (18.2%).
While the overall number of newly completed homes has decreased compared to the previous year, the decline in move-in ready homes is even more pronounced. In the first half of 2024, 8,565 homes were ready for occupancy, down from 10,926 in the same period of 2023.
There are certain regions in the country where new housing construction was particularly scarce in the second quarter. For example, in Vidin, only one three-room dwelling was completed during this period. Similarly, only five new homes were completed in Montana, all of which were houses.