Residential Properties Prices in Sofia Stable
Prices of properties in Sofia have been stabilized, according to data from Bulgarian real estate agency "Bulgarian Properties" and credit holding "Creditex & Hypocredit."
According to the data, the main reason for the stabilization of prices is the reduced construction of new apartments. The National Statistics Institute has announced that construction permits have decreased by 1/3 in the last year.
Another reason is the resumed crediting, which makes sellers more relentless during negotiations.
"Two months before the end of 2010, we can conclude that this year did not show any substantial change in the volume of deals or in prices of properties, in comparison to 2009," the Operation Director of "Bulgarian Properties," Polina Stoykov said.
According to her, reaching a level of stability was important after periods of high prices, followed by a drastic drop of real estate prices in 2009.
"Bulgarian Properties" has registered that the average price for sold apartments in Sofia in the third quarter of 2010 was EUR 840 per sq.m., which is BGN 30 per sq.m. less in comparison to the second quarter of the year.