Bulgaria: 40% is the Jump in Property Prices in some Districts of Sofia
The Association of Construction Entrepreneurs is worried about rising house prices above levels that are unbearable for the population - over 100,000 - 110,000 euros per apartment. This was said on BNT by Georgi Shopov from the Association of Construction Entrepreneurs. “We are moving towards a negative trend typical of Western Europe, where a lawyer, a paid doctor, will not be able to afford a home”, he said.
“Unbearable prices for people with an employment contract are around 120,000 euros”, and Strahil Ivanov, a real estate broker, is adamant.
According to him, for a year now the real estate market in Bulgaria has been in an explosion of sales, interest and prices.
In Sofia, 29% is the average price increase. There are neighborhoods in the capital where the increase is 40%.
“These are Center, East, the South Quarters and the former ‘Hladilnika’ neighborhood, now called ‘Paradise’. These are places where prices and interest are extremely high. At the same time, infrastructure and parking problems have negative effects.” said Ivanov.
According to Georgi Shopov, the big problem is inflation in construction. “Before the war, it was 27%. Before the war, reinforcing iron, which is the main product in housing construction, jumped from BGN 1.5 to BGN 1.70 in a year. It is currently BGN 2.60. This is a speculative increase due to the lack of supplies, which are 20% of the iron used in Bulgaria from Ukraine”, Shopov said.
According to him, however, ships with construction iron have left the world and this will be overcome. Normalization of prices is expected, and they should again become BGN 1.70.
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