Bulgaria's residential property prices declined by 6.4 per cent year-on-year in the second quarter of 2011, National Statistics Institute (NSI) data shows. In quarterly terms, housing prices decreased by 1.6 per cent in the period.

Twenty-three regional cities registered quarterly drops in prices, with Veliko Turnovo recording the most significant decline of 5.5 per cent, followed by Gabrovo with 5.4 per cent and Vidin and Plovdiv with 4.7 per cent each.

Residential prices in Sofia went down by 2.1 per cent on the quarter, while prices in Varna edged up 0.9 per cent. The highest rise in housing prices, of 1.3 per cent, was in Rousse and Blagoevgrad.

The average price of flats in the country was 908.98 leva a sq m between April and June. Housing prices were the highest in Varna, at 1509 leva a sq m, followed by Sofia with 1466 leva a sq m and Bourgas with 1163 leva a sq m.