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Sofia's Costliest Property District Sports EUR 1,700/m2

SofiaThe area around the Doctor's Garden in downtown Sofia retains its position as the most expensive location in the capital. The average asking prices for residential property in the region hit EUR 1,700/m2 for the first half of 2006, a survey shows. The Ivan Vazov neighborhood is emerging as the second most expensive location in Sofia, followed by Lozenetz, according to a market overview of leading real estate company Colliers International Bulgaria. The average asking prices in Ivan Vazov area reached EUR 1,325/m2 for the first half the year, those in Lozenetz - EUR 980/m2.

Sales prices on the residential market in Sofia have stabilized during the first half of 2006, the market overview shows. The prices increased only marginally compared to previous years. The sector, though, remains the most dynamic segment in the real estate market with supply exceeding demand. The middle segment of the market is the most active, with two-bedroom apartments in highest demand. Buyers continue to prefer properties that are completed or in the final stage of completion. Yields ranged between 7% and 10% for single deals of residential properties in the first half of 2006.

The supply of holiday homes in the mountain region, with Bansko as the principal location, increased by an amazing 152% from June 2005, Colliers market overview of the Bulgarian holiday homes market shows. The report documents the significant development in the past years in both mountain and coastal resort areas.

The coastal resorts saw an increase in supply of over 6,000 units (37%) from June 2005 to June 2006. More than 22,500 units are currently in various stages of development, from off-plan projects to completed properties. Despite the fact that supply has outgrown demand, prices of holiday homes remain stable. The highest coastal sales price range is registered in St. Vlas where prices vary between EUR 600/m2 and EUR 1,850/m2. The highest mountain resort prices are found in Bansko, where apartments are sold above EUR 1,600/m2.

25 August 2006 - Sofia News Agency

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