Realties market Sofia at the second and third quarters of year 2010
The real estate market in Sofia for the second and third quarters of year 2010 was provocative, characterized with mixed signals, properties discounts and decrease in the Sofia apartment prices. As the first quarter of the year ended with optimism and an increased number of Sofia accommodation units sales, and the successful April, the second quarter of the year witnessed buyers who were eager to cancel the deal because of insecure finances. In the middle of the year, the Sofia realties market was stable, with quite a few deals signed. In the first three quarters of the year, Sofia apartments faced at first decrease of the asking prices, followed by return to the price levels of year 2009. The number of the deals for the first six months of 2010, compared to the same period last year, have went up with twenty per cent.
In the second quarter of the year Sofia apartments were sold for the average price of 850 Euros/sq.m, which is a decrease of fifteen per cent when compared to the Sofia flats prices during the first quarter. The buyers were preferred bigger flats, namely one-bedroom and two-bedroom Sofia apartments. At the same time, the apartments for rent in Sofia were offered for approximately 450-500 Euros a month on the average, depending on the location. This means that there was an increase in the rental levels in Sofia as well, compared to the last quarter of 2009 and the first quarter of 2010.
With the end of the third quarter of 2010 and the coming of a new year ahead of the Sofia real estate market, the general trend is one of stabilization. However, the end of the crises is still far ahead and the process is expected to take quite some time. The average prices of Sofia apartments have further dropped compared to the prices in the second quarter. Deals were concluded only after a serious discount is offered, which often reached ten per cent of the initial asking price. The Sofia rental prices have went up. Even so, the number of the Sofia properties sales and rental deals has increased, if compared to the uneventful summer months.
