26.04.2017 The housing market in Sofia in Q1 of 2017: Prices Increase by 18%
‘2017 started with an acceleration of the previous year’s dynamics, especially strong since the beginning of March. Price growth is now approaching 20% on an annual basis. This is a significant increase but it must be kept in mind that growth has accelerated since spring last year and we are currently comparing with the lower prices at the beginning of 2016’, commented the market trends Polina Stoykova MRICS, Managing Director of BULGARIAN PROPERTIES.
‘There is no doubt anymore that the market is in an upturn. The main challenge will now be to predict how long this growth will continue and where will be the breakpoint, which is the most difficult to forecast. Surely we can say that we are still at the beginning of the upward curve, with expectations that this trend will continue for at least 2 years. The economic factors contributing to the market upturn are very different from those of the previous booming cycle when foreign demand was the main driver. The market picture looks very good, there are no concerns and this time we can say we have a sustainable growth.’
‘The average property price in Sofia is now approaching 1000 Euro/sq.m. and has reached the levels from the end of 2007. It took 10 years for the market to regain the positions of the previous boom, but this time with much better economic indicators and the tendency for these levels to remain stable’, Stoykova adds.
The sales of new build homes continue to account for more than 50% of the total sales in Sofia and the interest remains high.
Both buildings in the initial stage of construction and already completed buildings are available for sale. Property prices are rising steadily as construction progresses, and the available homes are running out quickly, so off-plan purchases are very common.
Parameters of the purchased properties
The one-bedroom apartments have regained their attractiveness, which can be explained by their greater liquidity and easy rental, as well as by the rising prices which limit the budgets of the buyers. They account for about 55% of the purchased homes in the first quarter. Immediately after them with a share of 32% of the purchases come the two-bedroom apartments. Multi-family homes and maisonettes are about 10%.
The average area of the purchased apartments is 90 sq.m. Most often apartments on the 2nd to the 6th floor (70% of the sales) are bought. Discounts from the offer prices are minimal - up to 1%.
Send us an enquiry for the full text of the report
View our properties in Sofia
Read more news
The island of Saint Anastasia will welcome guests with folk rituals for health and fertility in the first edition of the "Bile Fest", a heraldic festival, announced Burgas Municipality.
More than 50 participants will take part in the event with herbs and healthy foods, curative extracts and ointments, and will show the authentic ways of preparing them.
The accompanyin... read more
Every third inquiry for a house around Veliko Tarnovo comes from the UK, according to data from one of the real estate agencies.
Outside the villages of Elena, Balvan, Vetrintsi and Musina, up to 25 km from the old capital, houses that need repairs can be purchased for just 10,000 Euro or even less. Fully renovated 1-bedroom or 2-bedroom houses in good condition with a large yard ca... read more
Are you curious to learn more about the Sea Capital of Bulgaria?
In appreciation to all visitors of Varna, Varna Municipality, in cooperation with the Union of Bulgarian Tourist Guides, is organizing a free walking tour in English, 4 days a week!
Varna Highlights Walks are led by professionally licensed guides who are excited to share with you the city's history, loca... read more
The German carmaker Volkswagen relies on electromobility. By the end of this year, the production of "Volkswagen I.D." will begin.
As a result, the company will also build a new factory in Eastern Europe, and Bulgaria is also among the candidates, reports Deutsche Welle.
... read more
All photos, texts, video clips, charts and banners on our website are property of our company or of our partners and are protected by the Copyright Act of the Republic of Bulgaria. Any unauthorized use of photos, texts, videos and other materials from our website by third parties will be subject to immediate claim on the part of the copyright owners. The information on our website is with information and advertising purposes. Alhtough we have made all efforts to provide accurate information, there may be some mistakes. For full and correct information is considered only the information received at the offices of Bulgarian Properties Ltd.