Housing Prices Rise in Sofia, but Affordability Improves
Housing affordability in Sofia has improved since the pandemic, making it one of the few capitals in Central and Eastern Europe (CEE) to experience this positive trend
The price gap between newly constructed homes and panel buildings in Sofia has reached approximately 400 euros per square meter, with expectations that this difference will continue to widen, according to construction contractors. The demand for larger, more comfortable properties is outpacing supply, leading to rising prices.
Buyers tend to choose apartments based on their financial capabilities. Families often purchase larger units, such as five-room apartments, even if they have just one child, realtors noted. However, the majority of transactions involve two- and three-room apartments, with a particular demand for three-room units averaging around 90 square meters, which can accommodate a family comfortably.
The desire for home ownership in a pleasant environment is driving interest in new construction projects. There is a notable preference for closed residential complexes, where developers create inviting surroundings, including lawns and play areas for children, enhancing the overall living experience. As people seek to settle in their own homes, the trend toward new developments continues to grow.
The real estate market in Sofia continues to show growth, with a 10% increase in sales compared to the previous year.
Two Bulgarian cities, Plovdiv and Burgas, have been ranked among the most affordable locations for purchasing homes in Europe
The decision to buy or rent property in Bulgaria's major cities, particularly Sofia, is influenced by various factors, with real estate experts suggesting that buying remains more advantageous than renting in the long term
In the second quarter of the year, the housing price index in Bulgaria increased by 15.1% year-on-year, slightly lower than the 16% rise in the first quarter
Sofia's office market has experienced moderate rental activity over the first nine months of this year
A recent analysis from the European Institute of Trade Unions, highlighted by the European Confederation of Trade Unions, reveals that
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