Prices in Emerging Sofia Neighborhoods on the Rise - Research

17.10.2007

The average asking sales prices in emerging neighborhoods in the Bulgarian capital Sofia is approaching the EUR 1,000 per m2 mark, according to the latest research finding from Colliers Bulgaria.

Meanwhile established areas in Sofia 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 the second half of 2006, Doctor's Garden compensated in 2007 and is now just below EUR 2,000 per m2.

Iztok saw an impressive 51% increase in average asking sales prices year-on-year by the end of June 2007.

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, according to the latest Colliers Bulgaria Residential Market Overview.

Atanas Garov, Managing Director of Colliers Bulgaria, said, 'The supply of residential properties continues to increase at a steady pace, and the focus remains on planned communities and compound developments.'

Ivan Velkov, General Manager of Colliers Bulgaria, added, 'Demand for premises in residential complexes offering higher level of comfort through added services and amenities is increasing, and will be one of the main driving forces of the market.'

Philip Bay, Regional Director, Colliers International Southeast Europe, concluded, 'I am proud of the high quality market research we produce. It is a valuable tool for clients, media and other real estate professionals, and just another reason why Colliers International Southeast is the leading property consultants in the region.'

Author: Colliers International, PR Inside.

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