Prices in Еmerging Residential Districts in Sofia Catching up

Prices in Еmerging Residential Districts in Sofia Catching up

The average asking sales prices in emerging neighborhoods in the southern part of Sofia are reaching for the EUR 1,000/m2 mark shows the latest research findings from Colliers International.

The more established areas such as Doctor’s Garden, Ivan Vazov and Lozenetz saw solid double digit growth levels in the first half of 2007 with an increase in average asking sales prices of 19%, 11% and 19% respectively. After a decrease in second half of 2006, Doctors Garden compensated in 2007 and is now just below EUR 2,000/m2. Iztok saw an impressive 51% increase in average asking sales prices year-on-year by the end of June 2007.

The supply of residential properties continues to increase at a steady pace, and the focus remains on planned communities and compound developments. This type of construction is mainly located in Malinova Dolina, Kambanite, Simeonovo, Dragalevtzi and Krastova Vada, but due to increasing land prices, new supply of housing compounds is moving further away from the city.

Rental rates increased only marginally compared to sales prices. Levels vary substantially even within the same neighborhood, depending on location and surroundings, quality, amenities and furnishing shows Colliers Residential Market Overview.

Colliers International is a leading international real estate consultancy with more than 260 offices in over 50 countries. Worldwide Colliers manages more that 75 million m2 and has over 10,000 highly qualified professionals.

The company has been active in Bulgaria since 1991 and has become the unquestionable market leader in providing comprehensive real estate services. Currently Colliers Bulgaria represents some of the most innovative and professionally planned projects in all segments of the real estate industry, including offices and business parks, retail, logistics and industrial, residential and holiday homes.

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