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The Property Market in Sofia - Q1 2015
‘A strong property market in Sofia in Q1 – this is the shared expert opinion about the market, which has now also been confirmed by all the indicators we monitor’ – this is how Polina Stoykova MRICS, Managing Director & Head of Research of BULGARIAN PROPERTIES comments on the dynamics of the property market during the first months of 2015.
‘Some of the key trends are: an increased number completed sales, a greater appetite for properties for investment and rental return; an increased interest towards new construction which is getting more and more competitive to the resale properties, as well as a tendency for a slight increase of the property prices in Sofia of up to 5%’, adds Stoykova.
Increased number of sales
The calculations of BULGARIAN PROPERTIES based on data by National Registry Agency for Q1 show that there is a record-high increase in the number of sales of 31% on a yearly basis. The number of registered sales in Sofia in Q1 is 4,805, compared to 3,668 for the same period in 2014. Such a high number of sales in Q1 hasn’t been seen in any year since the beginning of the crisis.
Average Prices
According to the data of BULGARIAN PROPERTIES, during the first quarter of the year the average property price of sold apartments in Sofia is 771 €/sq.m. compared to 764 €/sq.m. for Q4 of 2014 and 730 €/sq.m. for Q1 of 2014. The average listing price for Q1 of 2015 is 880 €/sq.m. compared to 860 €/sq.m. for 2014. It can be seen that there is a positive trend in both the listing prices and the prices of real deals by 2-5%, which was expected after the strong second part of 2014.
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