The first three months of 2014 have shown a marked increase of activity in the Bulgarian property market, according to data gathered by BulgarianProperties.com. Figures for Q1 of 2014 show that levels of activity in the market are extremely high: residential property sales are up by 15% compared with the same period in 2013¹.
The residential districts of Vitosha and Mladost within the Bulgarian capital of Sofia are currently enjoying the greatest surge in the number of property sales, with properties selling for between 600 and 750 euros per square metre in these areas. Figures show that apartments across Sofia as a whole are worth an average of 730 euros per square metre and this value remains unchanged from 2013. Statistics also show that consumers most often buy apartments in Sofia for sums of up to €50,000, with more luxurious properties in the capital being sold for figures in excess of €120,000.
The upturn is in line with predictions made in December 2013 by Georgi Pavlov, Executive Director of the Bulgarian real estate agency Adres. He predicted that dropping deposit interest rates and the stabilisation of real estate prices in 2014 would ‘activate buyers’ and kick-start the Bulgarian property market. …read more
Source: Property show rooms