October 18th, 2012 — 1:25pm
For the first time the prices of the most popular among the buyers property in Sofia – one bedroom apartments – have dropped under 700 euros/sq.m. according to the official statistics. Now the one bedroom apartments are cheaper by 1,6% than the two bedroom ones that sell for at least 711 euros/ sq.m. At the same time the rents of one bedroom apartments have gone up by 2% which raises their yield by 5,7% and makes them the best investment on the property market at the moment.
The most expensive one bedroom apartments are situated in the are of Ivan Vazov where their selling prices start at 1 119 euros/ sq.m. The cheapest one bedroom apartments are in Obelya where they sell for 452 euros/sq.m.
1 comment » | Bulgaria
April 2nd, 2012 — 11:18am
At the end of 2011 the profit of the Bulgarian banks has reached 586 million levs (270 million Euros). In the last three years the Bulgarian banks have saved their profit to create a buffer zone of capital for emergency situations. Thus at the end of last year in the banking system there was a surplus of 2.9 billion levs (1.5 billion Euros) on top of the required capital.
The volume of the profit of the Bulgarian banks has been shrinking until the beginning of last year due to the expenses for servicing bad credits and due to the high interest on the deposits. However, during 2011, the banks managed to turn this tendency around. In January and February 2012 they recorded an increase of their profit. In January 2012 the increase on annual basis was by 19.2%, while in February 2012 it has reached 34.7% or 118 million levs (60 million Euros).
Comment » | Bulgaria
May 28th, 2009 — 10:46am
A repossessed one-bedroom apartment in an affluent area of Sofia can be purchased for 25 000 Euros at an auction. According to the court statistics there is a boom in the number of the auctioned repossessed properties in the last few months. The information about these auctions is displayed in the municipalities and the auctions take place at the regional courts. A repossessed property is evaluated by a judge who then auctions it at 50% of the market price. Due to the recession and the collapse of the property market, there is no interest in repossessed properties. If such a property does not sell, it is offered again at an auction a month later at a price which is further 20% decreased. The expectations are that the number of the repossessed apartments will continue to grow.
1 comment » | Bulgaria, Property
May 18th, 2009 — 2:22pm
Unlike earlier expectations the market of luxury property in Bulgaria has also experienced price decreases. Rich buyers bargain and refuse to pay the high prices for top properties in the Bulgaria. As result prices of luxury properties have dropped by 1 million levs on average according to market analysts. The most striking example is a luxury apartment close to the National Theatre in Sofia which appeared on the market last year with asking price of 2 million Euros. The total area of the apartment was 253 sq m and this was the top price for the country – of 7905 EUR per sq m. The apartment is located in a listed building constructed in 1912. A year later the seller has dropped the asking price to 1,5 million EUR or 5929 EUR per sq m.
At the same time the price of a house close to Perla Hotel in Dragalevsty has dropped by half a million Euros to 2,5 million EUR. The total area of the three-flour house is 900 sq m and it has 7 bedrooms and six bathrooms as well as inside pool, jacuzzi and sauna.
Another striking example of a price decrease of a luxury property is in the affluent suburb of Plovdiv – the village of Markovo. A year ago this property, with total are of 2417 sq m used to sell for 2,5 million EUR. In the last few months its price has dropped to 2 million Euros.
Comment » | Bulgaria, Property
May 11th, 2009 — 12:43pm
Many retailers started leaving the shops in the central parts of Sofia which they have hired and look for new shops in the shopping centers and streets in the outskirts where the rents are lower. Many retailers have terminated their rental contracts for their shops in the central Vitosha Blvd, Solunska, Graf Ignatiev and Rakovski Streets. Most of these retailers sell mobile phones, clothes and shoes. In the last years there has been a boom the sale of mobile phones but now sales have drastically dropped and many shops have closed. At the moment the rent of a shop on Vitosha Blvd is unacceptably high – between 70 and 100 Euros per sq m – while in the shopping centers it varies between 30 and 70 Euros per sq m. It is expected that due to the lack of tenants the rents of retail space in the central parts of Sofia will drop.
Comment » | Bulgaria, Property