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Active residential market in Sofia with rising prices and sales in 2016
The 2015 recovery of the real estate market in Bulgaria continued in 2016 and we can now say that it is turning into a real boom.
‘Low interest rates on deposits and excellent rates on mortgages, combined with an active property market, rising prices in Sofia and very strong rental market are all incentives for investments in real estate in Sofia‘, commented Polina Stoykova MRICS, Managing Director & Head of Research of BULGARIAN PROPERTIES.
‘The results of the positive impact of this combination of factors are already visible - a steady increase in sales volume of properties in the capital and a notable upsurge of new development projects which should meet the rapidly growing demand.’
‘Only half a year after the first time since 2011 the average price passed the 800 Euro/sq.m. barrier, it reached the next psychological one - 900 Euro/sq.m. in the second quarter. The pace of growth continued in Q3 when it started to balance and slow down’, adds Stoykova.
Average prices
Data of BULGARIAN PROPERTIES shows that the average closing price of the purchased apartments in Sofia for the period July-September was 94,400 Euro compared to 87,100 Euro in Q2 and 79,800 Euro at the beginning of 2016. This shows that the budgets of the buyers continue growing and there is also a growing demand for large and luxurious apartments.
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