Favourite properties (0)
Saved searches
Selected for you
Sign out

Sofia Housing Market Report: Prices Rise 23% in 2022 Amid Strong Demand and Limited Supply

2023-01-17   |  Polina Stoykova MRICS, Managing Director and Head of Research of BULGARIAN PROPERTIES

The housing market in Sofia, Bulgaria, has experienced significant growth in prices over the past two years. According to BULGARIAN PROPERTIES data, the average price of a property in the city has risen by 23% in 2022 alone.

This trend is due to a combination of factors, including a strong economy, low unemployment, high demand for housing in the city (including for investment) and most of all - high inflation and cost of building materials.

In 2020, the average price of a property in Sofia was 1,120 €/sq.m., with a 3.7% annual increase in the first quarter. However, the market saw a slowdown due to the COVID-19 pandemic and in the second quarter with a 0% increase. By the third quarter, prices started to pick up again with a 2.5% increase and by the fourth quarter, the average price of a property was 1,120 €/sq.m. with 2.3% increase.

In 2021, the market continued to grow with an average price of 1,150 €/sq.m. in the first quarter and a 2.7% increase. By the second quarter, prices saw a significant jump with an 8.8% increase and an average price of 1,175 €/sq.m. The market continued to grow in the third quarter with a 7.6% increase and an average price of 1,200 €/sq.m. By the fourth quarter, prices saw another significant jump with a 12.5% increase and an average price of 1,260 €/sq.m.

In 2022, the market experienced an even higher growth rate, with the average price of a property reaching 1,345 €/sq.m. in the first quarter and a 17% increase. By the second quarter, prices saw another significant jump with a 21.3% increase and an average price of 1,425 €/sq.m.. The market continued to grow in the third quarter with a 22.5% increase and an average price of 1,470 €/sq.m. By the fourth quarter, prices saw the highest growth rate with a 23% increase and an average price of 1,550 €/sq.m.

The high demand for housing in Sofia has been driven mostly by local buyers. The city has a diverse economy with a growing technology sector, which has led to an influx of young professionals and families moving to the area. This has resulted in a shortage of available properties, leading to an increase in prices.

Despite the high prices, the market in Sofia remains active. Properties are selling quickly and there are still many buyers looking to purchase.

If you have a property for sale in Sofia, list it with us today for a quick sale!

Check online the price of your property

Check our properties in Sofia

  Read more news

Central Park - your New York in Sofia!
Homes for sale in one of the largest new construction developments in Sofia!

A unique gated complex recreating the style and atmosphere of New York's Central Park. Modern buildings, space, greenery and breathtaking views! A future icon of the Bulgarian capital that will bring a new standard for quality of life. Choose your home now - big choice and attractive prices!
See More
Euphoria Club Hotel & Resort - your paradise in Borovets!
Fully furnished studios, 1-bedroom apartments and maisonettes in a unique complex in Borovets. All-year-round complex with all needed facilities for your comfortable stay - lobby bar, reception, bar and restaurant, outdoor and indoor pool, SPA center, underground parking and many more. Choose your holiday home here! No buyer's commission! Suitable for rental income.
See More

More News

Company news
BULGARIAN PROPERTIES Agents of February 2023

In the shortest month of the year, we have numerous top agents from our offices all over the country, who have fully deserved the title of Agent of the month!

A particular impression is made by the Varna office, which has three representatives in our prestigious monthly ranking covering the city market and the vacation segment in the resorts north of Varna, as well as in Byala.

02 February, 2023
Company news
Resuming Operations in Elhovo

After 20 years of success all around Bulgaria, we are resuming operations in the beautiful Elhovo/Yambol area!

Located in South-Eastern Bulgaria, close to the Turkish and Greek borders as well as the Black Sea, Elhovo became home of one of our first offices at the start of our company. In a very short time we managed to make the region a famous destination for foreign buyers, attrac...

25 January, 2023
Company news
Mihail Chobanov participated in Forum Real 2023

Mihail Chobanov, founder and owner of BULGARIAN PROPERTIES, spoke at Forum Real 2023. The event, which took place in the capital city of Sofia on 26th January, brought together industry professionals and experts to discuss the latest trends and developments in the real estate market.

Chobanov, who has over 20 years of experience in the field of real estate, shared his ...

24 January, 2023
latest news
Bulgaria leads rise in house prices among EU states in SEE in Q3

Bulgaria recorded the highest annual growth in housing prices among EU countries in Southeast Europe (SEE) in the third quarter of 2022, of 15.6%, followed closely by Slovenia with 15.4%, Eurostat said on Tuesday.

On a quarterly comparison basis, Bulgaria registered the second-highest increase in house prices in the EU, of 4.1%, preceded only by Cyprus with 5.8%, the b...

12 January, 2023