LM Legal Services Blog

Prices of apartments in prefabricated apartment blocks are higher by 100 Euros in Sofia. In middle class areas like Mladost and Borovo in the outskirts of the capital prices of prefabricated apartments vary from 550 Euros to 900 Euros per square metre. Newly built properties in those areas vary from 450 Euros to 850 Euros per square metre.

In the central parts of Sofia the prefabricated apartments sell for 1240 Euros per sq m while newly built ones for 770 Euros.

This is due to several reasons. One of them is that some of the newly built apartments are not of good quality. Some of the owners of prefabricated apartments on the other hand keep the prices from last year in their attempt not to lose money. In order to attract buyers, the developers offer free furnishing of at least one room as a bonus. However, despite the falling prices there are only a few buyers who are ready to pay in cash. Many developers offer payment in instalments, only to attract new buyers.

Despite the fact that the number of purchases has slightly increased, there are no expectations that the property prices will increase in the next three months. To the contrary, all professionals expect further reduction of the prices.