Average Sale House Price In Bulgaria Reaches 1090 Leva A Sq M

The average sale price for a sq m of residential property in Bulgaria reached 1090 leva in 2007, a 30 per cent increase on the previous year's 840 leva. The overall price hike of residential properties for the last three years was 300 per cent, Kapital weekly reported.
 
Despite the price increase, the number of property deals rose by 10 per cent. Real estate agencies told Kapital Weekly the period between an apartment being offered for sale and signing a deal has dropped to less than a month.

“All of us expected a price hike in the range from 10 to 15 per cent, but we were wrong,” Mladen Mitov, from Yavlena real estate agency, told Kapital Weekly.

Despite the strong dynamics of the business properties market, the residential market remains the country's most active sector.

Experts said a 30 per cent price hike made sense given that inflation reached 12.6 per cent last year. Most new EU states registered a significant increase of real estate prices in their first year of membership.

Interest in pre-fab apartments remains very high. Panel apartments satisfy the demand of many clients with low requirements. As a result, the prices of panel apartments exceeded 1000 euro a sq m.

The panel apartment advantage is the net area you pay for and receive –  if you pay for 30 sq m you get exactly 30 sq m living area. If you buy a newly built monolithic apartment at least 10 per cent of the announced area is common parts. Neighbourhoods comprising panel apartment buildings also have the advantage of a developed transport infrastructure, kindergartens and schools.
 

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Sofia Neighbourhood

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