Musagenica Property Prices Rose The Most In The Past 12 Months

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Musagenica Property Prices Rose The Most In The Past 12 Months

For the 12 months between September 2006 and September 2007, prices of residential properties in Musagenica area in Sofia rose the most compared with other neighborhoods in the capital, a research by Property Index magazine found out. The average home price in the area rose 65.2% in the period, to 963 euros per square meter, compared with 583 euros last year.

Next in the chart is Nadejda part 1 area with a 64.5% hike to 750 euros per sqm, versus 456 euros in Sept 2006.

The rising tendency is also witnessed in other parts of Sofia where the predominant type of homes are the panel construction apartment buildings, such as Liulin 10 and Liulin 5, which rank third and fourth in the chart, respectively.

The main reason for the price increase there is that the so-called panel construction buildings used to have much cheaper until recently, as they are generally considered of lower quality. However, as prices are growing all over Sofia, these types of buildings are starting to catch up with prices of other types of construction. Another reason is that construction activity in these areas peaked, due to the abundance of suitable construction plots there.

Also, it seems that prices are increasing in the areas included in the plan of the future Sofia Undergrounds routes.

Properties in Liulin part 10 rose 61.2% y/y to 793 euros per square meter, while in Liulin 5 they added 57.9% to 807 euros per square meter.

Demand for apartments in Sofia's peripheral areas is sharply on the rise, which might be explained with the lower prices they maintained until recently. Also, people with medium incomes are starting to look up to buying their own home rather than renting.

Experts comment that the price growth is likely to slow down in the near future, however, the time it takes to buy a property will get longer, as a result of the rising prices.

Number 5 in the chart is Mladost 1 A where prices rose 54.2% to 950 euros/sqm. 

AreaSept '06 / EURSept'07/EURDifference
Musagenica58396365,18%
Nadejda Part 145675064,47%
Liulin Part 1049279361,18%
Liulin Part 551180757,93%
Mladost Part 1A61695054,22%

Source: Property Index

The only area in Sofia where prices got cheaper in the past 12 months is Gorna Banya -13% to 621 euros/sqm, versus 714 euros/sqm.

Properties in Liulin 2 are rising at a slowest pace – just 6.7% to 540 euros/sqm.

Next in the negative chart is Dragalevtsi with just 14.2% to 922 euros/sqm, and Izgrev with 15.3% to 1022 euros/sqm.

AreaSept'06/EURSept'07/EURDifference
Gorna Banya714621-13,03%
Liulin Part 25065406,72%
Dragalevtzi80792214,25%
Izgrev886102215,35%
Liulin central52260616,09%

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