The real estate market in Bulgaria is dominated by the demand for new build properties. The property buyers prefer new built instead of old buildings due to many and various reasons. Some of them calculate that the repair of old buildings will cost more than the new flat. Others thought that the quality of the new build properties from last 3-4 years is better.
The main interest is focused in one and two bedroom apartments. Over 3000 is the number of such new properties that are currently offered for sale in Sofia. In Manastirski livadi quarter, properties can be found at prices from 690 EUR per sq.m. For this amount the buyer receives 58 sq.m. apartment which has entrance hall, kitchen, living room, bedroom, bathroom and toilet and a terrace. In neighborhoods like Lozenets amount is higher – 831 EUR per sq.m. for 1 bedroom apartment. Around 850 EUR per sq.m for 2 bedroom. The smallest number of properties for sale are the ones built in 2011.
For the other three years which are part of this observation prices of one bedroom apartments new construction are almost unchanged and remain in the range of 740 EUR per sq.m. to 770 EUR per sq.m. With the two bedroom apartments we observe greater dynamics. For example, the most expensive two bedrooms apartments remaining on the market are the ones built in 2011 - 843 EUR per sq.m., and the cheapest are those which were constructed in 2013 - 756 EUR per sq.m.
The situation today is different from the situation 5-6 years ago when we witnessed a great boom in the construction in certain areas of the capital. Today it is difficult to recognize such beneficial quarters for the investors. The reason is the most entrepreneurs after the crisis turned to the construction of small buildings of 3-4 floors. Another factor is that some of construction companies have assets with plots bought at the beginning of the booming market and only now - at the beginning of the recovery after the crisis, decided to utilize them.