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Prices in Sofia increase with 4% in Q1 2020

2020-05-08   |  Polina Stoykova MRICS, Managing Director & Head of Research

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.

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