Sofia apartments' prices in 2013
The leading real estate experts from the most recognizable and popular companies in that sphere made a prognosis, according to which Sofia apartments will keep their stable prices in 2013. Their research claims that the price levels of the Sofia studio apartments, as well as the price tags of the Sofia apartments with one or two bedrooms will remain the same as they were during year 2012. Even so, the experts pointed out that the prices of Sofia apartments vary significantly and this depends on the location and the type of the constructions. For example, apartments that are placed in neighborhoods that are far from the center and do not enjoy good infrastructure could be as low as 550 Euro/sq.m, while apartments in the central zone and the areas with good reputation could reach 1000 Euro/sq.m. Of course, the type of the construction is also important, as well as the level of completion, the current condition of the property and the available extras in the complex or the area.
All real estate agents agree that there was a slight decrease in the prices of certain apartments in Sofia. As reasons for that they point the inability of certain owners to cope with the financial crises and cover their monthly mortgage installments. The further comment that the budget for the purchase of a new apartment in Sofia has been reduced to the levels of 45 000 to 60 000 Euros, compared to the demand for apartments in the other cities in Bulgaria where the levels are 30 000 to 40 000 Euro. These are the actual parameters of great percent of the transactions during the previous year 2012. To draw a comparison, we should state that in the years before the financial crises stroke, most of the buyers invested in Sofia apartments in the price range 60 000 – 85 000 Euro.
During year 2012 and the current year 2013, the spacious apartment in Sofia would still be an impossible dream for many of the buyers. It is no surprise that many people these days prefer to rent a large apartment in Sofia, rather than invest in a small studio of their own. That is why the rental market in Sofia city is quite busy. The big Sofia apartments with prestige address are being usually rented by foreign business people who plan to stay here for a few months or by larger families with kids, which find the living area of the one bedroom apartments not enough. The Sofia apartments in the center remain a preferred accommodation for individual holiday makers, who come on city breaks and short romantic getaways. These travelers find the Sofia center studios and one bedroom apartments very appealing not only because of their location and price, but also with the freedom they gave and for their proximity to some of the most recognizable places of interest in the capital, the best restaurants and bars and the trendiest night clubs. There is also a great deal of regular travelers that come each year for a short break.