Sofia's Average Price of Real Estate in Construction Higher Than Price of Old Buildings

Business » PROPERTIES | October 5, 2016, Wednesday // 15:31| Views: | Comments: 0
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Bulgaria: Sofia's Average Price of Real Estate in Construction Higher Than Price of Old Buildings

The average price of real estate property in the construction phase in Sofia is higher than the average price of already constructed old buildings, showed a survey of the construction-investment company BLD for the last quarter, cited by investor.bg

Real estate property certified with Act 16 built before 2015 was traded at an average price of EUR 868/sq m, while real estate property in the process of construction reached a level of EUR 1019/sq m.

According to the survey, active buyers on the market are divided in two groups at the moment – those who buy their first home and those who look for a change in their quality of life.

The first group of buyers is influenced mostly by the price-quality ratio. They act within the framework of a budget and in accordance with primary criteria – district, infrastructure, proximity of schools etc.

The second group of clients looks for real estate property on the basis of much more detailed criteria – location of the building in the district itself, maintenance of the environment, even neighbours’ profiles.

The activity of the second group of clients determines the increase in prices of property in the construction phase.

“Since the beginning of 2016, there are over 13,000 apartments at different phases of construction in the capital. As a whole, these apartments are being built on the basis of clients’ requirements and not on the individual decisions of investors. This is why the price of new homes is higher,” explained Dimitar Savov, Executive Director of BLD.

“One of the most significant factors is the availability of garages. The price of garages in high-quality, new real estate property is between EUR 10,000 and EUR 14,000,” added BLD. 

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