Residential property prices in Bulgaria dropped by 6.1 per cent year-on-year in the third quarter of 2011, National Statistics Institute (NSI) data showed on October 21 2011.

In quarterly terms, housing property prices registered a decline of 0.8 per cent.

The average price of flats in the country was 901.32 leva per sq m between July and September.

Housing prices were the highest in Varna, at 1493 leva a sq m, followed by Sofia with 1456 leva and Bourgas with 1184 leva.

Twenty regional cities registered quarterly declines in prices, with the most significant drop recorded by Smolyan, of 4.7 per cent, followed by Yambol with 4.2 per cent and Pleven with 3.7 per cent.