Sofia Residential Property Market Makes Strong Start to 2016

2016-04-27   |  novinite.com

A significant rise in sales, a sustained upward trend in prices and great interest in newly built homes have marked a strong start to the housing property market in Sofia in the first quarter of 2016, a Bulgarian real estate agency has said.

“Buyers were much more confident in buying residential property even before the start of construction works,” Polina Stoykova MRICS, Managing Director of Bulgarian Properties, said in a statement on Monday

Yet, buyers seemed to be lagging behind market trends, with a big share of demand for apartments that cost up to EUR 50,000 while the offer of such properties was rather limited, particularly in popular neighborhoods of Sofia, Stoykova commented.

The average price of sold apartments in Sofia was EUR 835 per square meter in the first quarter of the year, according to data of the real estate firm.

The average price of residential property in Sofia exceeded EUR 800 per sq.m. in the last quarter of 2015 for the first time since 2011 and the upward trend has been maintained with prices consolidating at levels above EUR 800, according to the company.

Apartments in Sofia sold for an average of EUR 815/sq.m. in the fourth quarter of 2015 and EUR 770 in the first quarter of the same year. Accordingly, the increase in property prices in Sofia for the first quarter of 2016 was 2.5% compared to the previous quarter and 8.4% year-on-year.

Half of total sales were newly built apartments or apartments under construction, including buildings at a very initial stage of construction, Bulgarian Properties said.

The average price of sold property in new buildings was EUR 950/sq.m. in the first quarter of 2016, about EUR 100/sq.m. above market average.

The average price of purchased apartments in Sofia for the first three months of the year was EUR 79,800, while the price paid for newly built residential properties was EUR 90,000, which illustrates the buyers’ willingness to pay higher prices for quality new projects, the real estate agency commented.

Apartments with two and three bedrooms had equal shares in sales over the past three months and together accounted for 85% of total sales of housing property in Sofia.

“It is noteworthy that there was an increase in the share of purchased three- bedroom apartments, with most of them being in new buildings in the early stages of implementation which allows for bringing together neighbouring apartments to make more spacious homes with more rooms to meet the needs of the buyers,” the company said.

New ads for new build property for sale and rent in Bulgaria

Мeet us in London at A Place in the Sun Live!


  Read more news

Share
Borovets Gardens 2 - the second phase of the popular complex
Feel at home in Borovets! Buy your own vacation apartment in one of the best rated complexes in this top mountain resort. Progressing construction with planned completion in December 2020 for the new winter season. A wide range of available apartments at attractive prices, suitable for rental income.
See More
Belle Epoque Beach Residence
French style beach–front residence in the popular beach resort of Lozenets on the Southern Black Sea coast. The complex is completely finished and fully operational. There is a special offer for Summer'2019 – guaranteed rental of 5% annually.
See More

More News

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
latest news
Tips from an Experienced Holiday Home Owner in Bulgaria

We are always happy when we receive feedback from our clients and they share their personal experience of acquiring real estate and living in Bulgaria! Marat shares his story of purchasing an apartment in Sunny Beach, check out his tips.

The Tarsis Complex (Tarsis Club & SPA, Sunny Beach, Bulgaria) was originally planned, designed and built as a club-type resort for cosy and comfort...

13 August, 2019

REQUEST DETAILS

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