LM Legal Services Blog

With the approach of the autumn property prices in Sofia keep decreasing, regardless of their location – from the low budget areas of Liulin and Tolstoy right to the elite Lozenets. Only in a week, the lowest price of apartments in Liulin has decreased by 10%  from 60 000 Euros to 54 000 Euros for a living area of 70 square metres. The current price per square metre is 771 Euros.

Off-plan buildings with gas central heating and luxury common parts in Ovcha Kupel are now selling for 800 Euros per square metre, a decrease of 50 Euros per square metres in comparison with the second half of August 2008.

The situation in Lozenets is not different. Luxury offices were selling in the summer at 3000 Euros per square metre, while now their price has dropped to 2500 Euros per square metre.

The price slump has been pushed by the low demand, the increasing supply of newly built properties and the high interest. While last year a property was sold within two months after being offered on the market, now it takes much longer. The developers who offer off-plan properties for sale are threatened by bankruptcy as they can not repay their mortgages.