Property Prices In Affluent Areas
The prices of the apartments in affluent areas of Sofia have dropped by 20 %. The most serious price drop is in the area of the Doctor’s Garden – by 33% and now the price is 1500 Euros per metre. This is due to the fact that the properties offered at unrealistic prices have disappeared from the market. The rental prices in this area favoured by foreigners in Bulgaria also have dropped by 18% to 6 euros per square metre, which is the first drop of rental prices registered in the capital. The expectations are that there will be further price drops in the beginning of 2010; after that the market will start to recover.
The situation in the rentals of office space is similar. Prices have dropped to the levels of 2006 – 12 euros per square metre. The empty office spaces in the central parts of the capital were 13.4% in June 2009 while in the outskirts this figure has reached 19.6%.
Category: Bulgaria, Property | Tags: Doctor's Garden, office rent, price drops, property in Sofia Comment »