Residential Real Estate Prices Highest In Varna

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Residential Real Estate Prices Highest In Varna

The price dynamics on the real estate market in Sofia is getting more difficult for other cities to follow, shows research carried by imot.bg.

The average price of residential properties in Sofia rose 3.3% in June against April, and reached 725 euros per sq. m.

Varna continues to be the most expensive city in these terms with an average price of 788 euros per sq. m. Because of the already high prices, properties there saw the slowest increase in June – 2.2% against April.

Of the big cities, Plovdiv was the one which saw the biggest price increase – by 5% against April. However, at 480 euros/sq. m., prices there are still far below those in Varna and Sofia.

After the steady rising over the past several months, prices in Russe declined slightly in June, to 433 euros/sq.m., or 1.2% less than in April. Prices in the second biggest city on the Bulgarian Black Sea coast – Burgas are still considerably lower than in other big cities, at 580 euros/sq. m. in June. The lower rates were the reason for the 3.6% increase.

Another tendency is that the number of days per sale in Sofia is decreasing. The average number of days necessary for the sale of a property in the capital city was 80 in June,  82 in May, and 150 in January.

The period is also reduced in other big cities. In Burgas it took 77 days to sell a property in June, against 125 at the beginning of the year, it takes 97 days in Varna, against 121 in Januray, 85 days in Plovdiv, compared to 111 in January.

Fastest sales take place in Russe – 73 days, against 104 days in January.

The three bedroom apartments are most expensive in Sofia – in June they rose 5.2% to an average of 72 415 euros. Two bedroom apartments increased 4.5% to an average of 51 438 euros.

One bedroom apartmenst saw the smallest increase – 3.4% to an average of 38 156 euros.

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