Sofia apartment rental prices go up

With the start of the New Year the rental prices of the Sofia apartments are going up. The change is significant, as our research showed. The long-term rental levels for luxurious apartments in the best neighborhoods of Sofia city like “Lozenets” and “Ivan Vazov” are now more than 500 Euro per month. Those apartments which are coming with an elegant and deluxe furniture pack could be rented for 750 Euro per month. The districts like “Mladost” for example have rental tags of 250 – 300 Euro per month on a long-term basis. The increase in the rental levels in the last two months made many local people consider the purchase of a Sofia apartment as a good alternative. These are usually young professionals with stable positions in the companies and sphere they work at and young families where both members of the family are working and have good income. Those investors in Sofia apartments have estimated that the monthly income for the small type of apartments like the Sofia studios and the Sofia one-bedroom apartments will be similar to the rental levels these apartments are at. In other words, the monthly installment will be similar to the monthly rent. That is why these people who have savings or are able to apply for a mortgage, prefer to buy their own apartment in Sofia rather than rent one.

The rental levels of the highly luxurious apartments in Sofia vary from 6 to 7 Euros per square meter, but the truly awesome apartments could reach up to 12 Euro per square meter. A little bit lower are the price levels for renting houses. At the same time, the sale prices of the luxurious apartments have stabilized. They vary in between 1500 and 1650 Euro per sq.m, but they could also reach 2500 Euro per square meter. The truly luxurious Sofia apartments that come with several bedrooms and many extras are prices from 250 000 Euro. Even with that price, the luxurious apartments are now more affordable than in the period between years 2008 and 2011. The luxurious apartments are still a separate segment at the Sofia apartments market when it comes for sales and for rental. Even so, in year 2012 there was an increase in the sales of this type of apartments. The interest was high due to investors and managers of big companies and international corporations. The real estate agents that work in the sphere of the luxurious properties are optimistic that the number of sales and rents this year will be much higher than the ones made the previous year. Just like with the sales, when people are looking for luxurious apartments to rent, they have certain requirements which usually include very good infrastructure and neighborhood with excellent reputation and low level of crime. Those people who plan to spend shorter period in the capital are looking for short-term apartments for rent in the center of Sofia, as their aim is to be walking distance away from the cultural and historical sites, as well as from all places of entertainment.