LM Legal Services Blog

The price of apartments in the northern and western parts of Sofia have dropped seriously. According to analysts there are two major tendencies in the property prices in Sofia. On the one hand, only people who need home urgently buy at the moment, and on the other, only people who urgently need money sell.

The other type of buyers are those who would like to invest in property at a much lower price (up to 20%). The rest wait to see how the market will develop.

In the southern parts of Sofia, where traditionally the demand is great, properties sell at not more than 15% lower prices than the advertised ones. The prices are in the range 1050 – 1250 Euros per sq m.  Very good properties with excellent location and feature, previously unavailable, are now on the market. In these areas there are purchases and there is no stalemate. Analysts advise that now is the time to buy because bargain prices can be negotiated.

The central parts of Sofia keep high prices between 1100 and 1700 Euros per sq m. However, the offers in the range 3000 – 6000 Euros per sq m have disappeared and purchase prices do not exceed 2000 Euros. In the high class central parts of the city the prices have not decreased by more than 5%, while the decrease in the other parts of Sofia is about 20%.

In the other parts of Bulgaria, in the popular among British buyers area of Veliko Turnovo since the last months of 2008 there are no expensive properties on the market. There is a great number of newly built houses in the neighbouring villages. Many Russians bought houses in the low price bracket recently. Apartments in Turnovo sell from 350 to 700 Euros per sq m, a drop of 10 %.  Newly built apartments range from 380 to 520 Euros per sq m – a price drop of 20 – 70 Euros.  The property professionals claim that now is the time to buy period houses in Veliko Turnovo. They are always in great demand but now investors can get a real bargain.