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Sofia housing market in Q3 2017: The market is balanced

2017-10-24   |  Polina Stoykova MRICS, Managing Director & Head of Research

The strong summer for the property market in Sofia turned into an active autumn and final strongest months of the year.

The rising demand for residential property in Sofia has gradually led to an increased supply by the building contractors, with the strongest effect of the increased supply of new construction being felt in the past third quarter. This naturally led to balancing of the market in Sofia at an equilibrium price of about 1,000 Euro/sq.m. and a slowdown in the price increase, as were our expectations about the market this year.

BULGARIAN PROPERTIES’ data show that in the third quarter the average property prices maintained the levels reached in the previous quarter and remained unchanged.

At present, the market is balanced and enjoys excellent conditions for buying and selling properties, with a stable demand and available choice of new construction, as well better quality and adequately valued properties on the secondary market.

Sales volumes
Recently reported data from the Registry Agency for the 3rd quarter shows that 6,300 property sales were registered in Sofia compared to 6,073 for the same period of the previous year, which is a growth of 3.75% on an annual basis. For the first 9 months of 2017, the volume of real estate sales in Sofia rose with 4%, with the sales of property under construction being left out of the statistics since it will be recorded at a later stage.

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