Sofia apartments with reduced prices
The prices of apartments all over the world have dropped due to the world economic crises and this is valid for the Sofia apartments as well. According to the Knight Frank consulting company, Bulgaria and Sofia city in special ranks 16th in that drop of prices. During the third quarter of 2012, the prices of all apartments in Sofia have been reduced with approximately 2 % on a yearly basis. Even with that reduction, Sofia apartments could not be compared with the apartments in Athens where the drop is with as much as 12 %. According to the statistics of leading real estate companies, the average selling price of the Sofia apartments during year 2012 was the lowest for a period of six years or 720 Euro/ sq.m. This average price differs from the average price at which the apartments in Sofia are offered, which is almost 900 Euro/ sq.m.
The most appealing apartments for the first time buyers, families with kids that want to relocated to a bigger Sofia apartment and single professionals are the apartments with a price tag of 70 000 Euro or below that price. People are looking for apartments with living area between 60 and 90 sq.m. and price between 50 000 and 70 000 Euros. At the same time, Sofia real estate market comes with many luxurious apartments for sale. These apartments are offered at very good prices, but still not many people can afford them. If compared with the peak in the real estate sphere in year 2008, the number of apartment sales has reduced significantly. However, if compared with the number of property sales in Sofia a year ago, the market seems stable. All real estate agents predict that the Sofia apartments market will get into its normal phase during year 2013. One reason for that are the need of people to live in their own homes and the other one are to attractive mortgage offers that the different bank institutions are now providing. Some of the banks in Bulgaria are now willing to provide 70 % mortgage for the purchase of an apartment.
On the basis of that, there are many foreign investors which are now approaching the Sofia apartments market. These investors from abroad are attracted by the stable political and economic situation, and they are searching for a way to invest their money and get income from the properties they have, since they are successfully renting the Sofia apartments they have bought. Usually, the foreign investors are renting their Sofia apartments with the help of leading property management companies, who have long experience in that sphere. Usually they are offering these studio, one-bedroom and two-bedroom apartments in Sofia for shorter periods of two-five days or longer periods of one or several months, depending on the needs of the clients. The rental Sofia apartments should answer certain criteria, they should be set in good areas with quick access to the center, should be well furnished and equipped and should offer certain facilities and extras.