Bulgaria: Record Rental Prices in Sofia
In October, the prices for buying and renting an apartment in Sofia set historical records. There is a surprising increase in rents, which have been stagnant for a long time. Renting a 2-room apartment currently costs an average of BGN 780 (EUR 400), and a 3-room apartment - BGN 1,100 (EUR 565). Rents have never been so high in history.
For the first time since 2018, rents increased to over BGN 700 in August 2022. This trend continues to this day. In October, the average rent is already BGN 780, Homeheed reports.
In the past month, higher and higher prices were reported for three-room apartments as well. Currently, the average rent is already BGN 1,100. Until this summer, for 4 years, it was never more than BGN 1,000.
The drop in purchase prices that was seen in July and August has also now been completely wiped out. The record of €175,000 for a 3-room apartment in Sofia, registered in May 2022, was reached again in October. There is also a new record for 2-bedroom apartments – their price is now €113,000 on average.
According to Homeheed, apartment prices have risen sharply in the past year. From €120,000 in March 2021, the price of a 3-bedroom apartment reached €175,000 in May 2022. This is an increase of over 45% in 14 months. This percentage is similar for two-bedrooms – 49% growth, from €79,000 in April 2021 to €112,000 in June 2022.
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