Sofia property market trends 2016

A significant rise in sales, a constant upward trend in prices and increased interest in newly built homes have marked the housing property market in Sofia in 2016.

Yet, buyers seemed to be lagging behind market trends, with a big share of demand for apartments that cost up to 50,000 EUR while the offer of such properties was rather limited, especially in popular neighbourhoods of Sofia.

The average price of residential property in Sofia exceeded 800 EUR/m2 in the first quarter of 2016 for the first time since 2011 and the upward trend has been maintained with prices consolidating at levels above 800 EUR.

According to the notary chamber, apartments in Sofia sold for an average of 860 EUR/m2 in the fourth quarter of 2016 and 810 EUR/m2 in the first quarter of the same year, which is an increase of around 6.5% annually.

Half of total sales were newly built apartments or apartments under construction, including buildings at a very initial stage of construction.

The average price of sold apartments in buildings under construction was 930 EUR/m2 in first three quarters 2016, about 100 EUR/m2 above market average, which illustrates the buyers’ willingness to pay higher prices for quality new projects.

Apartments with one and two bedrooms had equal shares in sales in 2016 and together accounted for 85% of total sales of housing property in Sofia.

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