In the largest residential market in Bulgaria prices charged by sellers are rashly continuing to rise to fantastic levels
compared to the incomes of the population. EUR 3,900 per sq m, EUR 3,890 per sq m, EUR 3,700 per sq m, EUR 3,200 per sq m… These are the current maximum values asked by owners of existing homes in most of Sofia's central areas.
The few available offers for new build Bulgarian apartments in the city center neither fall back. At Han Krum St. (a crossing of Rakovski, near Slaveykov Sq.), in a seven-storey building under construction, the price of Bulgarian property per sq m of residential space reaches EUR 3,090 without the parking space, which is charged separately. The project should be completed by next spring.
The already overbuilt district of Lozenets does not surrender as well. An offer asking EUR 4,090 per sq m is the highest value for new build unit in the area. The apartment is located in a building next to the entrance of the South Park with projected completion in the year end. This offer also does not include the parking space. Most of the supply in the area is currently found in the range between EUR 2,500 and EUR 2,800 per sq m.
But asking Bulgarian property prices are growing all over the city. Until recently offered for EUR 1,000 per sq m new builds in areas like Studentski Grad or Manastirski Livadi are now commanding EUR 1,200 per sq m. While for Studentski Grad this price is near the maximum in Manastirski Livadi the high market end reaches EUR 2,300 per sq m. Such is the price of two-bedroom apartment, which is yet to be built. Up to EUR 1,300 per sq m reach the prices of new homes offered for sale in Vitosha district. Currently apartments could be bought there in a building with delivery date in late 2009 for prices between EUR 1,225 and EUR 1,300 per sq m. Sellers of new builds in areas like Beli Brezi, Hipodruma, Hladilnika, Mladost and Dianabad struggle for levels above EUR 1,500 per sq m.
Varna falls slightly behind Sofia in terms of asking prices but having in mind that as a whole deals in Sofia, according to agents, are done within the range of EUR 1,000-1,500 for the average homes and from EUR 2,000 to EUR 3,000 in the high end, the two cities are nearly equal.
Meanwhile Plovdiv and Burgas continue to look underestimated on the background of the property prices in the two leading markets.
