Sofia property buyers more demanding, investors - more flexible
The decline on the Sofia real estate market during the first quarter of year 2010 made the buyers more demanding, while the investors had nothing left to do but to be forced to be more flexible if they want to make a deal and sell the property they have. The buyers had three major factors on their side and make this an excellent time to buy a home. These factors include the vast selection of tempting Sofia apartment offers, the willingness of the owners to present flexible and advantageous conditions, and of course the available housing loans.
The Sofia market researches show that for the first quarter of 2010, the average asking prices of the Sofia apartments have gone down by 3 %. For Malinova Valley district this figure is 9 %, while for Boyana and Vitosha district, the decrease is 7%, in Borovo Monasterski Livadi the decrease is 6%. Unchanged are the prices in the districts of Ivan Vazov and Dianabad where there the decrease is just 1%. The real estate agents expect the decline in residential property prices to continue in the coming months, after which the demand and the availability of bank credit to contribute to the stabilization of the prices.
A good effect on the market is done by the affordable bank financing and the good conditions for applying for such financing. In addition to that, many developers are also offering flexible payment schemes and selling options on installments, which puts the potential buyers of Sofia residential property in an extremely favorable position. Thanks to the market situation in the Sofia housing segment, the buyers are now better informed and more selective. They are now looking for the optimal balance between price and quality of the property and are paying attention to the finishing touches, the materials used, the environment and the infrastructure. For that last reason, the contracts with Sofia property under construction are still quite rare.
