New construction in Sofia priced between €650 and €900 per sq m

“No decrease in rental prices was registered in 2012, unlike in the previous years - 2010 and 2011, when these reached the lowest price levels,” real estate expert Ivan Goranov told the Focus agency.

He specified that the most demanded flats were those of an area of between 70 sq m and 100 sq m. “The painful dilemma customers face is whether to buy or rent a home for a period of one or two years, while they get oriented in the economic development of the country,” commented Ivan Goranov.

“In the capital city, real estate prices in posh quarters such as Lozenets and Ivan Vazov are in the range of €900-1,100 per sq m, these in Manastirski Livadi – between €750-900 per sq m, and in Ovcha Kupel – some €550-700 per sq m,” specified Goranov. He explained that, currently, the average prices of new construction in Sofia are between €650 and €900 per sq m.

Answering a question on the development of the real estate market in the capital city, the expert replied that unlike the property market in the country, the one in Sofia has reported a slight decline. A positive trend has been observed in the cities of Varna, Plovdiv and Stara Zagora. New residential blocks of flats are constantly being built in Sofia and this diversifies the market, while prices depend on the area in which the property is located.

According to the real estate expert, in the rental of office and shopping space, everything is a matter of negotiations and attractive offers can be found at affordable prices. The reason is that, in this segment, there are constantly new offers and a lot of offices remain vacant.

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