Varna vanquishes sofia

Varna has overtaken Sofia as Bulgaria’s most expensive apartment market…

According to data from the Varna-based Foros real estate agency, the average price of new apartments in Varna was 1188 euro per square metre, compared to 1043 euro per square meter in Sofia.

Dobromir Ganev, Managing Director of the Foros agency, commented: “The main reason for this is the lack of large-scale residential complexes that are being developed now in cities like Sofia and Plovdiv, There were several gated complexes in the planning stage in Varna, but they won’t be built soon”.

He added: “One of the main trends on the property market in 2007 was the interest in older brick buildings. This was because a smaller part of common areas were calculated in the price and the lack of newly-built apartments.

“There were buyers that simply preferred older buildings and those buildings are located in the central areas of the cities, where supply is very limited. There was the greatest under-supply in the centres of large regional towns. This had lead to buyers looking for properties in the suburbs”