The housing market in Sofia in Q1 of 2017: Prices Increase by 18%

2017-04-26

Active first quarter for the housing market in Sofia and preservation of the growth trend in the property prices in Sofia – that’s how the first months of the year for the real estate market in the Bulgarian capital can be summarized.

‘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.

New Construction

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

Share
Properties in Bansko
Buy your own property in the top ski resort of Bansko! An all-year-round resort suitable for winter and summer tourism with the best prices in Europe! Prices starting from as low as 10,000 Euros!
See More
Properties in the Bulgarian Beach Resorts!
Check our selection of properties on the Bulgarian Black Sea Coast! Attractive prices starting from just 15,000 Euros for a furnished studio! Regular flights to Burgas and Varna international airports. Perfect for frequent visits, summer holidays and more
See More

More News

latest news
Official non-working day in Bulgaria

We would like to inform our clients and partners that 22nd September is a National Holiday in Bulgaria in celebration of the country Independence and 23th September will be an official non-working day.

On this day our offices will be closed. We will be back on Tuesday, 24th September.

Please be advised that during the official holiday the banks, the notary offices a...

19 September, 2019
Company news
BULGARIAN PROPERTIES Agents of September

Hello, September!

The new season has begun and we look forward to seeing you at our offices around the country to fulfill all your real estate dreams and to help you buy, sell or rent property easily and securely, with the highest protection of your interests!

Let's see who our AGENTS OF SEPTEMBER are that we recommend with two hands!

All of them deserv...

04 September, 2019
latest news
Bulgaria Air Launches Joint Flights to Caribbean, Seychelles and Maldives with German Condor

Bulgaria Air starts offering flights to some of the most exotic destinations in the world. The Bulgarian airline has signed an agreement with the German airline Condor, part of the Thomas Cook Group, allowing passengers from Sofia, Varna and Burgas to travel to exotics such as the Caribbean, Seychelles, Mauritius, Maldives and dozens of destinations in Malaysia, with convenient connections via Fra...

02 September, 2019
latest news
Foreign tourists choose to spend summer vacation in Bulgarian mountains

Whether because of the summer heat or the favorable conditions for mountain tourism, the number of foreigners who chose to spend their summer vacations in Bulgarian mountains is on the rise. A popular place is the mountain town of Elena, which attracts with its tranquility and authentic Bulgarian houses that have preserved the spirit of the National Revival period. Along with the Bulgarian tourist...

30 August, 2019

REQUEST DETAILS

Find a property with the biggest available choice
Choose what marketing communication you would like from us: