High market demand for housing with reconstruction opportunities

The major motive for purchasers seeking housing are the reconstruction opportunities it provides, according to a new analysis of ERA Real Estate. In the past few months, clients have become increasingly cautious before concluding a deal. They are thinking in the long-term on the possibility of using the real estate. This trend is most tangible with young families since the future birth of a child makes them consider the opportunity of furnishing another room, for example, commented Teodora Dimitrova, CEO of ERA Real Estate. Simultaneously, the purchase of an expensive newly-constructed larger dwelling could be unaffordable for purchasers, proving to be beyond their financial resources.


Therefore, they prefer to purchase old dwellings providing reconstruction opportunities in accordance with their future needs. Still, the main engine of the housing market remains the family budget. There is a strong tendency for the conclusion of flexible transactions, while the highest demand is for two-bedroom apartments with the possibility of their conversion into three-bedroom flats. As regards the housing offered in downtown Sofia and in the Lozenets residential district, the availability of parking space also remains one of the deciding factors for the purchase of housing. In the first quarter of 2011, more housing transactions were concluded on an annual basis, while prices dropped by around 15%. Rental prices in the downtown area also slumped by some 20%. This increased the level of transactions in the area by 15%.

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