Sofia apartment prices up at the end of the year
The real estate agents predict that the property market will recover its solid positions after a serious drop of almost thirty percent in year 2009 and will show growth in the Sofia property prices of up to five percent. Providing that the average price per square meter in 2010 for an apartment in Sofia was about 740-750 Euro, the average price at the end of year 2011 this is expected to be more than 800 Euros/sq.m.
There are many reasons for this period of stabilization in the real estate market in Sofia. The main one is the general feeling that the crisis is over, followed by the improved conditions on mortgages as well as the increased number of bank loans. More than a third of the transactions which are carried out in Sofia are for two-bedroom apartments, while the demand for three bedroom apartments in the capital is about twenty percent of all deals signed.
Almost half of the sales of apartments in Sofia are done by people who are buying their first home, where most of the buyers are people who were recently tenants. Meanwhile, the rental prices in year 2010 remained unchanged and in year 2011 they have stabilized. In some Sofia districts such as the popular residential zones "Mladost" and “Dianabad", the rental prices even went up. As a whole, the culture of renting and leasing apartments in Sofia has improved. The landlords require a deposit and strictly controll the payment of the bills, while the tenants have requirements for proper and timely support when certain repairs are needed to be made.