Boom Time in Sofia Property Market
- New Europe Investor
- October 16, 2015
All indicators in the Bulgarian capital, Sofia show that the property market is in very good shape.
The average price for residential properties for the first nine months of this year was €781 per square metre. This compared to 738 for the same period in 2014, representing an increase of nearly 6%. The average price of an apartment in Sofia in the third quarter of 2015 was €66,500.
Sales volumes of are also increasing significantly. In the first nine months of 2015, residential sales increased 21% compared to the same period last year. Statistics show there have been 16,838 transactions completed, compared to 13,888 last year in the time period.
The speed at which units are selling has almost halved in the past 12 months. Currently it takes an average of 50 days for a sale to go through. In the second quarter of this year it was 73 days, and at this time last year it was 96 days.
Transactions have shown growth across the board. However, recent reports show that there has been a surge in demand for smaller apartments in the €40,000 to €60,000 range, suggesting first time buyers are increasingly active in the Sofia property market.