site.btaNational Statistical Institute: Slower Growth in Agricultural Land Prices

The National Statistical Institute (NSI) published a report on agricultural land prices and rents in agriculture on Friday. This report highlights a deceleration in the average price of transactions involving agricultural land and grassland in 2023.

The average price of agricultural land transactions for 2023 was up at BGN 1,607 per decare, marking a 12.5% increase from BGN 1,428 in 2022, NSI report said. The 2022 number was a 21.6% increase y-o-y.

In 2023, the average price for transactions involving permanent grassland was up at BGN 388 per decare, a 5.1% increase from BGN 369 in 2022. The 2022 figure represented a 15% increase y-o-y.

In 2023, the average rent for a decare of agricultural land in Bulgaria decreased to BGN 62, down 1.6% y-o-y. Meanwhile, the rental cost per decare of permanent grassland fell to BGN 25, reflecting a 3.8% decrease y-o-y. Data from NSI indicates that in 2022 agricultural land rents have surged by 21.2%, up to BGN 63, while grassland rents remained steady at BGN 26.