The average market price of a home in Sofia, Bulgaria fell 3.9% from the previous quarter in Q3 2011 and has decreased by 6.8% in the last 12 months, according to data from Raiffeisen Real Estate.

The report indicated that prices in the Plovdiv were 4.1% lower than in Q3 2010, whilst in Varna they were 3.6% down. When compared to the previous quarter, average home prices decresed 1.4% in Varna and a mere 0.1% fall in Plovdiv.

Nationally residential property prices dropped by 6.1% in Q3 2011 year-on-year according to the National Statistics Institute, with housing property prices registering a decline of 0.8% in Q3 alone.

There was falls in twenty regional cities, with the most significant drop recorded in Smolyan at 4.7%, followed by Yambol with 4.2% and Pleven with 3.7%.

In the non-residential property market, this includes deals for both retail outlets and space for office usage, prices in Sofia and Varna dropped by 9.6% and 6.4%, respectively according to Raiffeisen. In Plovdiv and Bourgas, however increases were registered of 2.5% and 6.8%.