0
Hello,
Favourite properties (0)
Saved searches
Selected for you
Notifications
Subscriptions
Settings
Sign out
Close

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

Share
Euphoria Club Hotel & Resort - your paradise in Borovets!
Fully furnished studios and 1-bedroom apartments 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
Properties with video
Only on our website you will find a variety of properties in Bulgaria with videos. Don't waste time, view them online - on your phone, laptop or tablet, at a convenient time and without the need for an inspection trip and personal visit. Welcome for video viewings with BULGARIAN PROPERTIES!
See More

More News

latest news
We've opened a new office in the heart of Dupnitsa: Visit us at Knyaz Boris I Street, No. 1

We are proud to announce the opening of our new office in the city of Dupnitsa, located at Knyaz Boris I Street, No. 1, Floor 1.

This strategic move is part of our mission to be as close as possible to our customers and to provide high quality local service for both buyers and sellers.

In our new office, clients will be able to take advantage of the ful...

28 March, 2024
latest news
Selling property in Bulgaria? Check out what documents you will need!

In a series of materials, we present you with useful information on how to best prepare your home for viewings and how to determine the right price of your property.

Here we will focus on the heart of the transaction. Buying and selling real estate often seems a complicated and cumbersome procedure, requiring a number of documents and communication with various institutions. And buy...

22 March, 2024
latest news
How much is your property worth and how to set a perfect listing price?

When deciding, or even just considering listing a property for sale, our first question is often: What price should I be looking for my property.

Every homeowner is probably trying to do their own mini market research. They look at the listings in their area, read the latest statistics on property transactions, turn to an agency to get an idea of what they can get.

Ve...

18 March, 2024
Company news
BULGARIAN PROPERTIES Agents of March 2024

Spring comes with new opportunities in the real estate market in Bulgaria!

February showed us significant activity in the real estate market, spanning the entire country, and that gives us plenty of reasons to be optimistic.

Latest market data and trends:

- We are seeing an increase in issued new building permits - a sign of growing interest in new dev...

05 March, 2024

REQUEST DETAILS