Prices in Sofia increase with 4% in Q1 2020
High activity during the first 3 months of the year and acceleration of the price growth to about 4% on an annual basis. This is how the real estate market in the Bulgarian capital of Sofia developed until mid-March, when the state of emergency was introduced and many economic activities where put on hold.
Average Prices and Annual Change
In the first quarter of 2020 price rises accelerated and the average price in Sofia exceeded the 1,100 €/sq.m. barrier, around which it gravitated since the end of 2017.
BULGARIAN PROPERTIES figures show an average price of residential property in Sofia based on real deals of 1,120 €/sq.m. compared to 1,080 €/sq.m. for the first quarter of 2019, an increase of about 4% yoy. There is an increase of 2.2% compared to the last months of 2019, when the apartments in Sofia sold for an average of 1,095 €/sq.m.
The average total selling price of purchased apartments also increased to 101,130 euros for 2020 from 90,960 euros in early 2019 and 95,230 euros in the last quarter of 2019. This is a net increase of about 10,000 euros on average for an apartment in Sofia compared to the same period of 2019.
Sales Volume
Transactions were concluded actively throughout the quarter, literally until the state of emergency was declared. Data from BULGARIAN PROPERTIES on the basis of newly concluded transactions show that the volume of realized transactions is kept at similar levels as in the first months of 2019. Most of these transactions are progressing and the there is only a minimal amount of cancelled deals.
Read the full report here
Check our top offers in Sofia
Read more news
More News
Bulgaria plans to lift an obligatory 14-day quarantine from June 1 for travellers from most European Union countries, but not those states with the biggest coronavirus outbreaks, a senior health official said on Friday.
The quarantine will remain obligatory for travellers from Sweden, Belgium, Ireland, Portugal, Spain, Italy and Malta, the official said, as well as the UK, which is ...
'It is still not clear if there will be a cure for the coronavirus any time soon, but the pandemic itself has become a cure for the Bulgarian real estate market and has made everyone rethink their behaviour:
• Developers to be careful with pricing and the design of their new projects
• Banks to have higher requirements for their borrowers
• Vendors to thi...
We are slowly returning to our normal everyday lives and the Bulgarian property market is experiencing a growing demand and a rising volume of deals after the corona virus lockdown.
Here are the present market trends which mark the start of a new beginning for the property market in Bulgaria:
🔵 Technology stays with us to help us in the new reality! We will ne...
The average selling price of residential properties in Bulgaria's capital Sofia increased by 4.0% on an annual comparison basis in the first quarter of 2020, local company Bulgarian Properties said.
The average price of dwellings in Sofia reached 1,120 euro ($1,219) per sq m in the first quarter, the realtor said in a quarterly property market analysis published last week.
...
