Bulgarian Property & Real Estate News

Bulgaria apartment prices start to bottom out

The current report from the Bulgarian National Statistical Institute (NSI) for prices of Bulgarian apartments in the Bulgarian cities shows that prices in the fourth quarter of 2011 remained larger static versus the third quarter. The median price drop for Bulgaria apartments was just 1.6%, but the property prices in places like Pernik and Montana have decreased 9% and 7% respectively.

The annual figures for prices of Bulgarian apartments in the smaller towns decreased by approximately 6% which is virtually the same as in 2010. The reduction in prices of apartment properties when inflation is considered was 2% for the quarter and 8% overall for the year.

The NSI figures show that the average price of a Bulgarian apartment in the regional cities in Bulgaria was 453 euro per m2 in Q3 2011 and broadly speaking the prices were the same in the capital Sofia and in Varna.

Overall the total price drops for city apartments in Bulgaria has been 37% since the market started to readjust 3 years ago. At this level buyers at now beginning to re-enter the market for apartments due to the low prices. In many cases it is now cheaper to take a mortgage on the apartment than to pay rent.

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Bulgaria apartment prices down in Q1

Bulgarian apartments for sale in the capital city Sofia have decreased 8% in Q1 this year.

The prices of Bulgaria apartments averaged 860 euro/sq.m in Sofia in Q1 2011 down from 920 euro/sq.m in Q4 2010. This is based on apartments listed with the Bulgarian Properties estate agent.

Sales of apartments in Bulgaria have increased 100% compared to 2010 with the main focus of sale being for apartments in Sofia.

Bulgarian real estate agents expect that apartment prices will continue to increase in the Sofia region due to population growth and movement from smaller regional towns. It is expected that many of these new arrivals in Sofia will focus on buying bulgarian apartments in the capital as this is where the best opportunities for jobs are based.

Bulgarian apartment prices are stablising in 2011 having decreased for 2 years following the bursting of the credit bubble in 2008.

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Bulgarian properties start to stabilise

The price of properties in Bulgaria are stabilizing, according to the latest results data from Bulgarian real estate agency Bulgarian Properties. Hypocredit Group are also seeing the same outcome from their recent surveys of the Bulgarian property market.

One of the reasons for the leveling off in prices is the reduced amount of new construction being released on the market. Data from the National Statistics Institute shows that construction permits for Bulgarian properties have decreased by 30% in the last 12 months. The increased availability of mortgages and credit is also helping to put a floor under the property market.

New metro stations increase demand for Sofia properties

The opening of several new Metro stations has had a significant impact on the Sofia property market. Buyers in the Bulgarian capital are focusing their property buying in the area around the new metro stations.

Research from the Bulgarian property website imoti.net, has showed that demand for previously popular areas like the upmarket location of Ivan Vazov, Iztok and the City Center, has decreased recently.

Instead Sofia property buyers who were looking for real estate in the regions of Mladost, Darvenitsa and Krasno Selo. The Bulgaria real estate agents believe that the change in demand is being driven by the new metro stations and improved infrastructure in these areas.

It is evident from recent property buying patterns that buyers are increasingly considering the local services and metro station when deciding where to buy properties in the Bulgarian capital. this pattern is also affecting the price of properties in these areas.

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Vacancy rates increase for office properties in Bulgaria

The vacancy rate for office property in Sofia is likely to increase to around 23-28% by the end of this year as a result of several new office buildings opening in the next few months.

These new Sofia office buildings will bring the total amount of office properties in Sofia to around 1,250,000 sq m. The biggest amount of vacant office blocks is in the suburban parts of Sofia and in the Class A office category.

In 2010, the building of office properties continued despite the poor economic situation and several major projects that were started during the boom of 2006-2008 have just been finished recently. As a result of the increased supply the rental rates have dropped and now average around 10-12 euro per sqm for Class A office and 5-7 euro per sqm of Class B offices. As more supply comes online the rental rates for Sofia properties is expect to fall further. Read more…

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Construction costs of Mall Bulgaria increases

The construction cost of the Mall Bulgaria retail centre in Sofia is expected to be almost twice as much as was first planned two years ago. The cost of the commercial and retail development is estimated at close to €220 million.

The retail complex is a joint venture between Bulgarian property developer LSProperty and the international real estate group Salamanca Capital. The Mall Bulgaria is managed by Eli Egosi, who were part of the team that worked on the Mall of Sofia project. Read more…

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Sofia property market among world’s pace-setters

The Bulgarian capital Sofia ranks 49th in the global index of office rental markets released by international real estate property consultancy CB Richard Ellis. The annual rental cost for prime office property in Sofia is $517/sq m. Athens is the only city in the region ahead of Sofia property in the rankings. It placed 36th with annual rental cost of $567/sq m. Read more…

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Bulgarian property building boom is not affecting prices

Bulgarian property prices ‘stabilised’ during the first half of 2006, the international estate agent partnership Colliers International has reported. Its latest Residential Market Overview, said prices for Bulgarian property increased only marginally in the last six months compared to previous years, with supply exceeding demand.

Sofia’s Ivan Vazov neighbourhood is emerging as the second most expensive location for Bulgarian property after constant favourite Doctor’s Garden. The average asking prices in Doctor’s Garden reached £1,150 per square metre in the first six months of 2006, followed by the Ivan Vazov area with prices averaging £900 per square metre, and Lozenetz at £663. Read more…

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