Residential real estate market in Sofia undermined by increased supply, told brokers
A serious threat to the residential property market in 2008 is the increasing supply of newly built homes. New findings indicate that they already leave behind demand, according to research by the Yavelna Real Estate Agency.Only about 20-25% of apartments in the centre of Sofia have been sold successfully, according to the agency. The others have either been sold at a decreased price or after considerable time on the market.
Agencies take an average of about four months to sell an apartment in the centre of Sofia against an average 60 days for apartments swomwhere else, an estate agent told 24 Chassa Daily.
Apartments offered at prices biger than 1500 euro a sq m are the most difficult to sell, besides those with exceptional location, brokers told. These are apartments located in the prestigious Doctors' Garden area, and now Moskovska, Slavyanska and Aksakov central streets, as well as the area around Zaimov Park (Yanko Sakuzov Blvd.)
Currently, 1300 estates are offered on the market, situated in the centre of Sofia. 82 % of them are apartments. Half of them are three-bedroom apartments, according to Yavlena research.
Kiki - Kunka Boneva is an excellent choice for anyone who wants to purchase a property in Bulgaria. She has a lot of expertise and is very responsive, as well as being kind and sincere. She makes the whole process of buying a house hassle-free. I am excited to visit Bulgaria and enjoy my vacation home. Bulgaria is a stunning country and I encourage everyone to invest in a house there, and to consult Kiki for all their property needs.
— Gabrielle Monaen, UK