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Sofia’s property market is recovering faster than those in other Bulgarian cities. In the capital, demand for new housing already exceeds supply, while sales of newly built homes account for 50% of all residential properties sold.
Growing demand is affecting property prices, which rose by 8.4% in the first quarter of 2016 compared with the same period of 2015 and by 2.5% compared with the fourth quarter. For the first time since 2011, the average price of apartments sold in Sofia reached EUR 830 per square metre in the first quarter of 2016, compared with EUR 815 in the fourth quarter of 2015 and EUR 770 in the first quarter of 2015. Apartments in new developments sold for an average of EUR 950 per square metre.
The average price of a residential property purchased in the first quarter of 2016 was EUR 79,800, rising to EUR 90,000 for newly built properties. One-bedroom and two-bedroom apartments are the most sought-after among buyers.
Based on: Novinite.com
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