Sofia property sales up 20pc
Photo: vintagedept
Sales of property in Sofia have soared 20 per cent this year, as the Bulgarian capital begins a long-awaited recovery.
New research by BulgarianProperties.com shows that transactions have surged in the first nine months of the year. The analysis of data from the Registry Agency shows that 16,838 deals were completed between January and the end of September 2015, up from 13,888 during the same period in 2014.
The trend has built momentum as the year has continued, according to the site, with the annual rise recorded in Q3 2015 hitting 10 per cent, with 5,547 deals completed.
The surge in the past three months has been driven by one-bedroom apartments, notes the research: these smaller units make up 60 per cent of apartments sold in the quarter (the average area of all sold apartments is 80 sq.m.), although interest in two-bedroom flats is climbing.
"2015 brought the so long waited recovery of the property market in Sofia," comments Polina Stoykova MRICS, Managing Director & Head of Research for the site.
Indeed, prices in Sofia have also enjoyed a rise of 6 per cent in the first nine months of 2015. Construction activity has also doubled, with twice as many issued building permits this year compared to last year.
"The demand increased significantly and we also witness a returned confidence in the property market with more deals happening “off-plan”," adds the report.
As a result, banks are also now competing with each to offer better terms and conditions for mortgages, with interest rates firmly beloww 6 per cent.
The city Centre is leading the market recvoery, followed by the Southern districts, those located at the foot of Vitosha Mountain and Mladost district in the Eastern part of the capital.
Sofia has long been one of the most active parts of the property market in Bulgaria, with both the capital and the Black Sea Coast proving most popular among tourists and house-hunters.
Now, the time taken to sell a home in the city has reached a record of 50 days in Q3 2015, faster than the 73 days recorded in Q2 2015 and 96 in Q1 2015.