Sofia apartment prices, sales volumes increase

The average price of sold apartments in Sofia has increased in the fourth quarter of 2015, exceeding EUR 800 per square meter for the first time since 2011, the Bulgarian Properties company has announced.

According to data compiled by the real estate firm, apartments in Sofia have sold for an average of EUR 815/sq.m. in the fourth quarter of 2015, an increase compared with EUR 794 euro/ sq.m. for the third quarter and EUR 764 sq.m. for the fourth quarter of 2014.

The average cost of apartments sold in Sofia in the October-December period of last year was EUR 75,280.

The fourth-quarter data bring to EUR 790/sq.m. the average price of apartments in Sofia sold last year. This is an increase of EUR 45/sq.m over 2014. The average price of sold apartments in the Bulgarian capital city was EUR 70,200 last year.

The asking prices and the actual transaction prices converged further last year, with the gap shrinking below EUR 100/sq.m. - the smallest difference in years, Bulgarian Properties said in a statement on Wednesday.

Apartments in Sofia were offered at an average price of EUR 880/sq.m. last year, an increase of 2% over 2014.

"2014 had been the year of the return of the buyers; 2015 brought a noticeable upturn of the property market in Sofia,” Polina Stoykova MRICS, Managing Director & Head of Research at Bulgarian Properties, commented in the statement.

“Confidence has returned - in the property market and in property as an investment asset,” Stoykova added.

Based on data from state-run Registry Agency, the real estate firm has calculated that the number of sales of apartments in Sofia has also increased.

A total of 7541 deals were were registered in Sofia in the fourth quarter of last year, up 8% compared with the same period of 2014.

“For 2015, we have measured the largest increase in sales in Sofia in the last few years. A total of 24,379 sales have been registered against 20,863 for 2014, representing an increase of nearly 17%,” the company said.

The real estate firm expects that apartment prices in Sofia will increase by about 7% this year compared with 2015. The number of deals is also expected to increase.

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