Property Prices Keep Increasing in Sofia & Varna
Prices for various types of real estates in Bulgaria's capital Sofia has increased with between 10% and 17% since the turn of the year.The growth in prices can be explained with the brisk demand by well-off people and insufficient supply, estate specialists explained.
Property prices in the capital are expected to continue their increase and their annual growth by the end of the year is forecast to range between 10% and 20%.
Investors' interest is high in developments in the big cities, particularly in the capital Sofia and the Black Sea town of Varna, which now have some the highest residential property prices.
The average price paid for residential properties across Bulgaria was 750 Eur/m2 in 2007 compared to approximately 620 Eur/m2 in 2006, according to real estate companies.
Sofia, which has the highest salaries in the country, benefited from the real estate boom and recorded the highest rise in prices last year - almost 25%, reaching an average price of around 800 Eur/m2.
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