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The residential property market in Sofia is waiting for the end of the holiday season

In some central regions, prices are beginning to "lag", while in subway areas there is an upward trend in prices

The housing market in Sofia this summer proved to be longer than the others. Since June, the capital has begun to be emptied, and it is likely to be until September 15, and this affects the work of real estate agencies because many of the sellers and buyers are on vacation and can not make sightings and get to Transactions, comments the chairman of the National Real Estate Association Irena Perfanova for BTA.

Regardless of the holiday season, the market keeps its pace in anticipation of the end of the holiday season. There are two-room flats in the demand, interest is also for three-bedroom apartments and very often the two types of apartments are at the same price, the expert said.

The reason for this is that the smaller the apartment, the higher the price per square meter. Households with a price between 50 and 100 thousand euros are very much sought after and it is already difficult to find property in the central part of the capital up to 60 thousand euros, which can be found in the more remote residential complexes.

In some central regions, prices are beginning to "lag behind"

Right now in the central part of the capital - in some of the areas below Todor Alexandrov Blvd., Slivnitsa Blvd, near "Maria Luisa" Blvd. and Lavov Bridge, prices start to "lag", which is explained by the preference of the people To the more prestigious part of the center, Perfanova said.

Again, there is interest in the panels because of the larger useful usable areas where the cost per square meter seems the same or, sometimes, even higher than the new building, but in order to have a more realistic benchmark, it must be appreciated that The panel housing in the declared areas for sale does not include the majority of the balconies and part of the common parts of the building. If we take into account this fact, we will see that new construction is actually more expensive, the expert said.

The trend of buying green is continuing, but buyers are more cautious in choosing a construction company, with more and more people evaluating the possibility of rebuilding as construction runs. This type of deals are also attractive because of the possibility that within two years, until the building is ready, the payment will be deferred as well as the larger choice of housing and the possibility to pay part of the property until the building is completed. Then use bank credit for a surcharge, the specialist said.

In the areas where a metro is planned to be built, it usually starts to move the market and raise interest and then price, catching up with the average growth in the capital, which we expect to be about 5-6 per cent this year, commented The expert.

However, anticipating price increases can be taken into account in areas where the metro is already in operation, but this is not the only factor in housing appreciation, she said.

The price levels of properties in Sofia's satellite zones in the south and east continue to outpace those in the northwest, yet there is an increasing interest in buying houses in both areas as well. Besides the access to the transport arteries, among the factors for this trend is that most of the business is concentrated in Southeastern Sofia.

With the planned extension of the metro to the north and the construction of business areas in the Arctic area, it is expected that the interest in the purchase of residential properties in the area will increase, which could lead to a rise in prices.

However, the saturation of an area with new construction can have a negative effect on prices, regardless of the general trends of the market, comments Irena Perfanova. Therefore, she pointed out that the balanced development of the capital is important for maintaining the favorable conditions for investment.