A significant rise in sales, a constant upward trend in\u00a0prices\u00a0and increased interest in newly built homes have marked the housing property market in\u00a0Sofia\u00a0in 2016.<\/p>\n
Yet, buyers seemed to be lagging behind market trends, with a big share of demand for\u00a0apartments\u00a0that cost up to 50,000 EUR while the offer of such properties was rather limited, especially in popular neighbourhoods of\u00a0Sofia.<\/p>\n
The average price of\u00a0residential\u00a0property in\u00a0Sofia\u00a0exceeded 800 EUR\/m2 in the first quarter of 2016 for the first time since 2011 and the upward trend has been maintained with\u00a0prices\u00a0consolidating at levels above 800 EUR.<\/p>\n
According to the notary chamber, apartments\u00a0in\u00a0Sofia\u00a0sold for an average of 860 EUR\/m2\u00a0in the fourth quarter of 2016 and 810 EUR\/m2 in the first quarter of the same year, which is an increase of around 6.5% annually.<\/p>\n
Half of total sales were newly built\u00a0apartments\u00a0or\u00a0apartments\u00a0under construction, including buildings at a very initial stage of construction.<\/p>\n
The average price of sold apartments in buildings under construction was 930 EUR\/m2 in first three quarters 2016, about 100 EUR\/m2 above market average, which illustrates the buyers\u2019 willingness to pay higher\u00a0prices\u00a0for quality new projects.<\/p>\n
Apartments\u00a0with one and two bedrooms had equal shares in sales in 2016 and together accounted for 85% of total sales of housing property in Sofia.<\/p>\n