Sofia Property Prices up 10-17% in Q1

Business | April 2, 2008, Wednesday // 00:00

Prices for diverse types of real estate property in Bulgaria's capital Sofia registered an average increase between 10% and 17% since the beginning of the year, a Bulgarian economic think-tank said.

The growth in prices can be attributed to the brisk demand by well-off people and insufficient supply, Lachezar Bogdanov from Industry Watch explained.

Property prices in the capital are expected to continue their upward march and their annual growth by the end of the year is forecast to range between 10% and 20%.

According to Bogdanov, investors' interest is high in developments in the big cities, particularly in the capital Sofia and the Black Sea town of Varna, which register the highest residential property prices.

The average price paid for residential properties across Bulgaria stood at EUR 737/m2 in 2007 compared to EUR 624/m2 in 2006, according to data of Address real estate company.

Capital Sofia, which boasts the highest salaries in the country, benefited from the real estate boom and recorded the highest rise in prices last year - 25%, reaching an average price of EUR 835/m2.

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