Luxury Apartments in Sofia with Slight Decrease in Prices

Business | August 4, 2008, Monday // 00:00
Bulgaria Luxury Apartments in Sofia with Slight Decrease in Prices: Luxury Apartments in Sofia with Slight Decrease in Prices Sofia's Quarter Manastirski Livadi ("Monastery Lawns") is one of the quarters where the construction of luxury apartments is far ahead of the building of basic infrastructure. Photo by

Several days after experts from Bulgaria's National Real Estate Association predicted decreases in the apartment prices in some luxury quarters in Sofia, the prices did go down by 7-10%, the newspaper Trud Daily reported Monday.

As was predicted, the slight decrease in the sale prices is affecting primarily what are considered to be luxury quarters in Bulgaria's capital - Vitosha, Manastirski Livadi ("Monastery Lawns"), Malinova Dolina ("Raspberry Valley").

These quarters are notorious for their lack of basic infrastructure and low-quality urban planning - the luxury apartments and houses are combined with bad roads and water supply and sewerage system, lack of schools, kindergartens, and medical clinics.

"These areas suffer from the inadequate actions of the municipal administrations and investors' desire to make quick profits without making any commitments to the overall development of the region", the Chair of the National Real Estate Association Lachezar Iskrov is quoted as saying.

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