Luxury and Cheaper Properties Driving the Market in Capital Sofia
The bigger dynamics in the highest and lowest price segments drive the residential property market in Sofia – what buyers look for are apartments of up to 60,000 EUR and luxury properties for over 150,000 EUR. This is what Polina Stoykova – the Chief Operations Manager of BULGARIAN PROPERTIES – comments in a property market analysis.
After the increase in sales in January in Sofia the number of deals in February and March is similar to that in 2010. The price per sq.m. at which deals are concluded vary between 580 and 950 EUR as the average price of the deals concluded in Sofia since the beginning of 2011 is 900 EUR/sq.m. To compare, according to BULGARIAN PROPERTIES the average prices in the last quarter of 2010 were 930 EUR/sq.m. and in the third quarter of 2010 - 840 EUR/sq.m. This means there is no change in the average prices of residential properties in Sofia, and the number of realized deals is similar to that in 2010. The stabilization on the market continues awaiting an increase in the number of deals.
The overall situation on the market at the moment very much resembles that of March 2010 when the economic recovery was still uncertain. This means it can be said that people are a little less optimistic and less secure about their future as this is true both for Bulgarians and foreigners. In the last few weeks it seems buyers became once again apathetic and more uncertain because of the price increase of goods and the economic and political events both locally and on a global scale.
The ski resorts
The winter season is already at its end and the first conclusions can be made for the property market in the ski resorts. What the market showed this season is a lack of interest and a decrease in the number of deals by 50% in the ski resorts compared to the same period last year. Usually, the beginning of the ski season marks an increase in the interest in properties in ski resorts as this trend was kept even during the toughest periods - winter 2008/2009 and 2009/2010. However, this season buyers withdrew from the ski resorts and there were few deals. Based on the number of sold apartments the average price in Bansko since the beginning of 2011 is 585 EUR/sq.m. as they are fully furnished apartments in functioning developments. This makes a 10% drop compared to the levels at which deals were concluded in 2010 - 650 EUR/sq.m.
The Southern Black Sea coast
An interesting fact about the holiday home sector is that this winter season the interest in beach property did not decrease and it is in that sector that most deals are concluded outside the capital Sofia. This is true mainly for the southern Black Sea coast where the number of deals has increased by 30% compared to the winter of 2010, while the interest in the resorts around Varna has decreased. The most deals on the southern Black Sea coast are in Sunny Beach – fully furnished apartments priced between 400 and 700 EUR/sq.m. or between 25,000 and 70,000 EUR, as most deals are for properties between 25,000 and 30,000 EUR.
The interest in the area of Veliko Tarnovo has also increased since the beginning of the year – mainly in well maintained and renovated houses that are ready to live in, priced between 20,000 and 35,000 EUR.
Copyright: 2011 Bulgarian Properties Ltd. All rights reserved. For further information or advice please contact us on tel.: +359 2 9 11 50 or e-mail: firstname.lastname@example.org. The use of this article by third parties is allowed only with proper quotations of the source www.BulgarianProperties.com and the Author of the article. The data in this material has been collected by the Author and Bulgarian Properties Ltd. and is presented for information purposes only. We have made every effort to ensure the accuracy of the data. However, Bulgarian Properties Ltd. cannot be held responsible for loss or damage as a result of decisions made based on the information presented in this article.
© Bulgarian Properties Ltd. 2011.
Read more news
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...
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...
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...
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...