The slow awakening of the new construction in Sofia
According to the prognosis of the brokers from the real estate agencies in Sofia, the new construction will face a slow awakening during year 2012. In general, the trends in the housing market in the capital are for a balanced supply and demand, and the cheaper apartments in Sofia are expected to provoke the greatest interest. Expectations are that during this year there will be a slow awakening of the new construction projects in the capital, but they will be much smaller projects than the ones before the crisis. Since the available newly-constructed apartments with one or two bedrooms are not that many anymore and there is a demand for such properties, the brokers expect the construction companies to start investing in small projects.
Another expectation is that the positions of the sellers and the buyers, will soon meet. Because of this, the contracts are expected to be easier and much faster than during the past two years. On one hand, the buyers of apartments in Sofia have realized that the prices will not fall forever, and even if they do fall this will be at a slow pace. On the other hand, the sellers understand that it makes no sense to waste their time selling their property to an unreasonable price and spend months in organizing viewings. Although the positions of the buyers and the sellers are similar, both sides are still taking their time to make a deal because of other adverse factors such as the unstable economic environment and the uncertain income in the future.
