The market of Luxury Properties

The prices of luxury properties in Bulgaria are still among the lowest in Europe. However, as a European Union capital Sofia will take part in the luxury real estate market. Little research shows that most of the luxury real estate deals are either in the capital, sea or winter resorts. True luxury property supply is in fact extremely scarce as the demand is sporadic.
The reasons are many and the most important is that not a lot of Bulgarians can afford prices above 5000 euro per sq m.

There are several things that are very important: location, architecture, historic or/and cultural value, luxury interior and exterior finishing works, view and surrounding area. Individual requirements can vary dramatically.

Usually the property’s characteristics meet some of the buyer's requirements but not necessarily all of them. If a client insists that the property should be located in a historic building in the central part of the city, he/she needs to invest additional resources in refurbishing not only the apartment but also the common areas. At the same time modern buildings do not meet the requirements for well-developed infrastructure and easy access to center.

Let’s take a look at the capital as an example of the luxury property market. Prices between EUR 2,500 and EUR 3,500 per sq m  are normal for the center, in Lozenets, Iztok, Ivan Vazov neighborhoods for both condos from the early 20 century and for new buildings with extras like fitness and spa facilities , 24/7 security , maintenance of common areas etc..
Iztok neighborhood leads in all charts.
The few complexes and buildings under construction there keep levels of over EUR 1,700 per sq m while apartments in completed gated communities cost twice as much. A year ago the top prices for new construction there used to be between EUR 1,750 and EUR 2,500 per sq m in the same prestigious area.
New building in Lozenets, close to the US embassy is already for sale for EUR 3,500 per sq m with completion deadline within at least two years.A year ago a price like that would be considered insane. Prices here are higher than levels achieved for new builds even in the TOP center

Meanwhile the prices in central area remain high but rarely exceed EUR 3,000 per sq m. Supply is usually in old buildings with existing litigations with neighbors and thus more awkward maintenance of common areas

Sofia is not the best place for the fans of luxury lifestyle though. Traffic,noise and garbage repel the wealthy buyers.
As far as prices are concerned with levels of EUR 1,000 and EUR 2,000 per sq m Plovdiv, Burgas and Varna are far more appealing opportunities. But they have no supply of the new gated community type of complexes and the big variety of entertainment facilities as cinemas, shopping malls and recreational spa centers.
Anyway buyers can find unique opportunities like an apartment of EUR 850,000 near Novotel Plovdiv whose owner will have the pleasure of a swimming pool on the roof. At a price of EUR 2,125 per sq m this is one of the most expensive apartments outside Sofia. In Varna for EUR 370,000 one could buy an apartment of 260 sq m in Gratskata Mahala with its own sauna and hot tub. The price per sq m of over EUR 1,420 per sq m is definitely less compared to Sofia's luxury housing.