What happened for a decade to the property market in Sofia?
The first ten years of the new century were quite turbulent for the real estate market in Sofia, characterized by many new developments, more general knowledge of all the participants and dynamics. The property prices in Sofia have gone up considerably; the number of transactions also and on the market came many foreign investors. Then, as a result of the global financial crisis followed a sharp decline.
The prices of the apartments in Sofia grew gradually and reached their peak in late 2008, then fell sharply in the next two years of the period. It turns out that for the past period of ten years, the average prices of apartments in Sofia have increased by 170%, and even after the collapse of the real estate market, an investment in a property continues to be profitable in the long term.
At the end of this period of ten years, the real estate agents reported stabilization of the property prices and balance of the supply and demand. The most preferred for the buyers of Sofia apartments remain the newly constructed apartments with one or two bedrooms in a decent neighborhood in the capital. Therefore, the prognoses of the brokers are for subsequent shortage of newly built apartments in the next few years as the new residential projects in development are few and often small in unfolded area.