ARTICLES 
Sofia High-End Property Market Ranges EUR 850 - 1,400/m2
www.novinite.com, 17th September 2005
Prices of residential apartments in the high-end niche have stabilized between EUR 850 - 1,400/m2 in the first half of 2005, depending on location, garden, accessibility, infrastructure, quality of construction and architecture, data shows.

The information was released in the semi-annual real estate report of the Sofia office of Colliers International, one of the world's leading real estate companies.

The most demanded area remains Doctor's Garden, which, however, is marked by lack of supply. As a result, prices there peak at EUR 1,800/m2, although asking prices have even reached EUR 2,000/m2.
The report underlines that as a result of the emerging middle class taking shape in Sofia over the past couple of years, the gap between high-end and middle market prices is decreasing.

Price levels of apartments on the middle market have grown gradually in 2005. Currently prices have gone up to EUR 500 - 700/m2, achieving even EUR 750/m2 in the Vitosha area. This marks an increase of 45-55% as compared to 2002 levels, although in the last six months growth in prices has slowed down substantially.

Prices of detached houses show the greatest variances. Properties are typically 250 - 600 m2 and prices range from the typical EUR 200,000 - 250,000 per house all the way up to EUR 500,000.

Rental levels in the residential market in Sofia have remained relatively stable in nominal terms. Landlords, however, are expected to include more add-on services as a response to the increasing requirements of both expatriates and Bulgarian tenants.

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