Small apartments in Sofia: January - March situation
The global financial situation in the world had its impact on the property market of Sofia and hit even the studio and one-bedroom apartments in the prestige neighborhoods of the capital. The prices of these small apartments decreased with approximately ten per cent, which resulted in an increase of the Sofia rentals and the demand for such type of accommodation in the city. At the end of March this year, the prices of the 1-bedroom and small 2-bedroom apartments in the centre of the capital had dropped to approximately 800 Euros/sq.m, which of course is the minimum asking price which can reach as much as 2500 Euros/sq.m.
The decrease is seen best in the studio apartments in the “Geo Milev” district, which is close to Pliska Hotel. The cheapest offer in that neighborhood goes to about 50 000 Euros for a studio apartment, while the most expensive offer reaches 70 000 Euros for the same type of property in the same region. The prestige Lozenets district also faces decrease in the offers’ price of the brick studio apartments, which reaches 12-13 per cents. At the end of March, the studio apartments in Lozenets have been presented at prices ranging from 1000 to 1600 Euros per sq.m.
The cheapest district in terms of small apartments is now the “Ovcha Kupel” district. In March here have been available brick-built studio and one-bedroom apartments that are priced at 700 to 1000 Euros per sq.m. With that prices the market saw offers for newly-constructed brick-built studio apartments at the price of around 27 000 Euros. Traditionally, “Iztok” neighbourhood was keeping the high prices in March when one square meter of a new apartment there starts from 1100 and reaches 2200 Euros in some of the new complexes.
