The prehistoric town, discovered in Eastern Bulgaria near the town of Provadia, is the oldest urban settlement found in Europe to date.
The Huffington Post reports that Vasil Nikolov, a professor from Bulgaria's National Institute of Archaeology, said the stone walls of the town excavated by his team are estimated to date between 4,700 and 4,200 BC.
The team also uncovered the remains of a settlement of a two-story house encircled by a fortified wall, parts of a gate and a series of pits used for rituals.
Nikolov says that the team believe the settlement was home to a wealthy community that produced salt from nearby rock-salt deposits.
He noted: "For millenniums, salt was one of the most valued commodities, salt was the money", and added that this explained the huge stone walls, which were erected in order to keep the salt safe.
The excavation has been underway since 2005, but the confirmation that the settlement dated back to prehistoric times only came for the team this year.
Bulgaria's location as a historical crossroad between civilisations means that it is home to some of the earliest historical artifacts in the world, and as such it is home to a number of Neolithic, Chalcolithic and Bronze Age settlement mounds.