Sofia is Europe's Cheapest City for Luxury Apartment Buyers

Business | January 17, 2007, Wednesday // 00:00| Views: | Comments: 5

Monaco is the most expensive location to buy a super-luxury apartment in Europe, followed by Prime Central London, Paris and Amsterdam, say the experts from Global Property Guide, who maintain the world's single biggest collection of house price indices.

Sofia is at the bottom of the ranking with prices averaging EUR 1, 042 per sq. m. Other less expensive locations are Slovakia's Bratislava (EUR 1,292 per sq. m.); Warsaw, Poland (EUR 1,175 per sq. m.); Skopje in Macedonia (EUR 1,125 per sq. m.) and Chisinau in Moldova (EUR 917 per sq. m.).

Luxury apartments pricing levels average EUR 24, 900 per sq. m. in the top scorer Monaco. Closely on its tail is Prime Central London, where 120 sq. m. super-luxury apartments can cost EUR 1,742,656, or EUR 14,522 per sq. m.

Paris and Amsterdam follow London. A 120 sq. m. apartment in either of these cities has an average purchase price of EUR 800,000 (EUR 6,667 per sq. m.).

Moscow is Europe's sixth most expensive capital for buyers of residential property.

Dublin makes an appearance among Europe's most expensive cities in 10th place, with a high end 120 sq. m. apartment on average costing around EUR 600,000.

Sofia is among the four Eastern European capitals, which earn above 10% rental returns on owning apartments: Chisinau, Moldova (14.13%); Warsaw, Poland (13.28%); Sofia, Bulgaria (10.56%); and Bratislava, Slovakia (10.06%).
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» To the forumComments (5)
Bloke from Alrewas off the A38 - 20 Jan 2007 // 15:36:31

I wouldn't live in London itself if you paid me a gazillion quid. Awful, filthy place! Well, I suppose Belgravia is all right but not my cuppa!

Why is it that whenever people from other spots on the globe mention England the beautiful it is always 'LONDON THIS... LONDON THAT'. London is predominantly a monstrosity extraordinaire and horrendously overpriced as well and it DOES NOT define my beautiful country! As far as I am concerned, London is the antithesis of all things English, anyway!

Henley-on-Thames is a nice spot near London and I suppose iff you want to go south you have the Garden of England in Kent.

I still reckon nothing on Earth beats my beloved Cornwall. The affluent village of Alrewas (Staffs) where I live is stunning as well. The Cathedral City of Lichfield is only seven miles south thereof.

Who wants to live in appartments/flats, anyway? A house in the countryside (fock the big cities) is the way forward!

All my 'lava',
Sir Stevie

wildthing - 20 Jan 2007 // 15:28:09

The problem is that "luxury" in Sofia is cheaper too, I mean, one thing is a luxurious flat in London, quite another thing is it in Sofia. They call "luxury" even the cheapest looking, kitchest stuf here. For what they are I think the properties in Sofia are far too expencive! The same money are better spent in another country with more civilized life and infrastructure.

CreepyS - 19 Jan 2007 // 09:37:36

Aha, well said DP,

And I also want to remind BGtvar that between 1990 and 2001 we were in a state of war, which we of course lost. That war crippled the economy, stalled the state institutions, 1 million people fled the country to escape hunger and abuse;) So, given the recent developments, I think Sofia has a bright future.

DP - 18 Jan 2007 // 17:33:15

BGtrvlr: “Sofia is comparably a dump and will be for years to come since nothing has been done from 1990-2005.”

Do your research if you want to have any credibility when speaking about real estate in Sofia. The only buildings of any architectural importance were build before 1940, and not before 1990 as implied in your post. The few Stalin’s architectural monstrosities build in the late fifties are not worth mentioning, and the uglification of Sofia (as well as the rest of the country and Eastern Europe) with the introduction of the shoddy panel-building technology in the seventies are legacy of the past that are hard to overcome—it will take some time dealing with it. As a matter of fact a lot had been done in the period 1999-2006. Not all so good, but still a progress.

And another point—to keep the perspective: Nobody would have invested a nickel in the dilapidated, neglected real estate in Sofia of before 1990. Of course you would not have been allowed even to walk around without an escort in the glorious capital of the glorious Motherland, you Dirty Capitalist ;))).

BGtrvlr - 18 Jan 2007 // 12:18:50

Yeah, look around. Does anything from an infrastructure POV even marginally resemble Monaco, Paris, London or any of the Western European capitals? Heck, Skopie has better infrastructure than Sofia which makes it a better place to invest in real estate. Sofia is comparably a dump and will be for years to come since nothing has been done from 1990-2005.

Another issue the reporters of these statistics do not account for is the liquidity in these 10%+ expected returns. On paper, I know Bulgaria real estate investors with 100%+ returns, but cannot readily sell these apts which skews the reports.

There are literally tens of thousands of new apartments currently under construction in Sofia and anyone expecting to make money by buying and reselling in the short term should not be listening to those agents and developers sitting on their stocks.

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