Sofia Residential Property Market Makes Strong Start to 2016

A significant rise in sales, a sustained upward trend in prices and great interest in newly built homes have marked a strong start to the housing property market in Sofia in the first quarter of 2016, a Bulgarian real estate agency has said.

“Buyers were much more confident in buying residential property even before the start of construction works,” Polina Stoykova MRICS, Managing Director of Bulgarian Properties, said in a statement on Monday.

The average price of purchased apartments in Sofia for the first three months of the year was EUR 79,800, while the price paid for newly built residential properties was 90,000 euro, which illustrates the buyers’ willingness to pay higher prices for quality new projects.