Blog: Sofia rental apartments: the demand is high and further increasing

During the last three months all real estate agencies registered a serious drop in the number of property buyers in Sofia and a stir in the rental market. The mortgage options that were so loudly advertised are no longer possible for both foreign and local buyers… at least till a new policy is issued. This fact directed the people with average income to search for lodgings. The price per month when hiring a certain property depends on various factors, these being location, infrastructure, and furniture. Usually the amount of the rent is approx. 50 to 70 per cent of the monthly installment for paying the mortgage of the same apartment. The rent however could be negotiated for a certain period of time, like one or two years, which gives certainty to the long-term tenants. No such guarantee is given for the interest rate of the mortgage.



All agencies put a stress on the fact that the clients’ interest is now focused on the rental and for the first six months of the year, the rental agreements that were signed increased with twelve per cent compared to the rental agreements for the same period last year. The main reason for that is the general uncertainty on the real estate market and the funding provided by the banks. Many people who were ready to buy, are now robbed of that opportunity and have only one option – to rent till the market goes normal again. These people have not completely gave up their dreams and intentions, and actually they expect the prices of the real estate properties to go down to a significant extend. The prices of the real estate properties have actually went up with an increase of 10 % on the average, but this is far less from the expected rise and the figures from the last two – three years.



The interest in the rental market in the capital in the last nine months of this year has increased with 8 %, and it was namely 4.8 Euro/sq.m for last year and 5.20 E/sq.m on the average for this year. The general demand is for Sofia rental apartments with one bedroom, in good residential districts, serviced by regular public transport. The most sought districts for renting are the centre of Sofa and the residential zones Mladost and Lyulin. Most of the rental apartments that are actually presented on the market are in the centre, in Lozenets and in Mladost. The tenants are looking for well-kept apartments in good condition and furnished, if possible. The rental market expectations are for steady increase of both the demand and the supply.

Category: Sofia Apartments rent and sale info
Tags: Sofia Apartments,Serviced Sofia Apartment, rental market, rent apartment Sofia, apartment for rent