Comparison of Luxury properties in Sofia and London

18.09.2013

Prices of Luxury real estates in Sofia are about 25 percent more affordable that Luxury property prices in the capital of Great Britain. London is the absolute world record-holder in price levels of luxury real estates. If the average price of luxury property in London is $ 53 890 per sq.m, then in the Bulgarian capital- Sofia is $2 650 per sq.m and in Dallas is 6 450 per sq.m.

This information is quoted in a report of the international company for the sale of luxury properties- Christe’s.
Christie’s study was focused on 10 cities in the world indentified as the most desirable and expensive places- New York, Dallas, Miami, Los Angeles, Hong Kong, Paris, San Francisco, Toronto and Cote d’Azur. This research includes about 33 000 properties worth over $ 1 million.

For comparison: in the Bulgarian capital Sofia, the luxury properties are about 10% of the market. This 10% include properties worth over 700 000Euros. Real estates that cost over 1 million Euros take only 0,5% from the residential properties in Sofia or about 3 000 apartments, houses, etc. The most expensive properties whose value is comparable to that of the world’s top destinations are less than ten and their prices rarely exceed $ 10 million.

“The Bulgarian market for luxury homes is dependent on the overall economic picture and even thrive in local conditions, it is still far from the size of the world’s great cities.

If in Sofia the most expensive available property of the real estate market in Bulgaria costs $ 10 000 million then in New York last year was a property deal for $ 88 million. The average period for sale luxury property on the Bulgarian property market is about one year. At the same time in Miami, for example, a residential property will stay on the market about 6months before to be sold. Longest period of sale luxury property is in Cote d’Azur- 9 months. Quickly dealt can see in Toronto- about a month and half after they come live on the property market.

All this data shows that property buyer of luxury properties in Bulgaria is more careful when is going to make a deal. According to some data the typical luxury real estate for $ 5Million in Toronto has 465sq.m living area with 4-5 bedrooms, and in Paris for these money you can buy 4 bedroom property in nice residential quarter.

In Sofia the residential homes between 5-10 million are few and exclusive. For this price the buyer can become a owner of extremely luxurious house in the “Doctor’s garden”, although this type of property rarely go online on the property market for sale. Usually the highest price that you can meet on the property market in Bulgaria is about $ 1 million as against this amount the client can become a owner of property where he wants.

In Sofia, for example in Boyana for the price of 700 000Euros you can become a owner of property with living area 600sq.m and garden 1500-2000sq.m. Apartment in the quarter of “ Doctor’s Garden) for the price of 450 000 Euros can buy a real estate with area 200sq.m , 3 bedrooms.

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