20% Decrease Of Real Estate Prices In Sofia

In the end of 2008 and the beginning of this year the price of real estate in Sofia has decreased by up to 20% compared to the first months of last year.At the moment, deals are being done mainly for two reasons: either the buyer has an urgent need of real estate or the seller needs money, brokers comment. The rest are waiting.Most significant is the decrease in northern residential districts of Sofia like "Levski" and "Nadejda". There, the decrease of prices in the end of 2008 reaches almost 20%.If in the beginning of last year real estate was sold on average at about 900 Euro/square meters, at the moment is about 700-750 Euro/square meter.In the end of 2008 the decrease of prices in Western residential districts is between 10 and 20%. For example, if the average price of real estate in "Lyulin" in the beginning of 2008 was 930 Euro per/square meters, in the end of the year it is 800 Euro/square meter. There is a decrease of prices in Eastern residential districts as well, mostly in "Mladost".Brokers comment that panel properties and apartments in an initial stage of construction have almost disappeared from the market. The reason is that at the price of a panel apartment, one can find a new apartment and construction has almost stopped completely.