Average asking sales prices in some areas of Sofia have increased by nearly 20 per cent in the first half of 2007, says Colliers Bulgaria in its new Residential Market Overview. The report shows that the average asking sales prices in emerging neighborhoods in Sofia are nearing the 1 000 euro/sq m mark.
Meanwhile, fixed areas in Sofia such as Doctor's Garden, Ivan Vazov, and Lozenetz saw solid double-digit increase levels in the first half of 2007, with an increase in average asking sales prices of 19%, 11%, and 19% respectively. After a diminish in the second half of 2006, Doctor's Garden compensated in 2007 and is now just below 2000 euro a sq m. Iztok saw an impressive 51% increase in average asking sales prices year-on-year by the end of June 2007.
Rental rates grown only marginally compared to sales prices. Levels vary substantially even within the same neighborhood, depending on location and environs quality, amenities, and furnishing, in accordance with the Colliers Bulgaria Residential Market Overview.
The supply of residential properties continues to increase at a stable pace, and the focus remains on planned communities and compound developments, noted Atanas Garov, managing director of Colliers Bulgaria.
Demand for units in residential complexes offering a higher level of comfort through added services and amenities is srowthing and will be one of the main driving forces of the market, added Ivan Velkov, general manager of Colliers Bulgaria.