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Demand for new housing in Sofia is outpacing supply, according to representatives of major Bulgarian real estate agencies.
According to Polina Stoykova, executive director of Bulgarian Properties, demand for apartments in new developments grew significantly in the first months of this year, accounting for 50% of total property sales. By comparison, new properties accounted for just 15% of sales in the same period last year. She says that new housing in the Bulgarian capital costs EUR 1,100 per square metre, with prices ranging from EUR 800 to EUR 2,000. Ms Stoykova noted that many people want to buy an apartment in a new development in Sofia for up to EUR 50,000, but such offers are in short supply.
Strahil Ivanov, a representative of the Yavlena agency, explained that the new-housing segment is limited to 10–20%. At the same time, a growing number of affluent Bulgarians want to buy quality homes in modern residential complexes with security, parking and well-developed infrastructure. The supply of such properties in Sofia is limited.
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