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Owners seek 2000 euro for a m² for homes in dire condition

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Owners seek 2000 euro for a m² for homes in dire condition

Apartments in dire need of repair in downtown Sofia, which in 2017 were sold for no more than 1500 euro for a sq. m. are now offered on the market for 2000 euro, brokers said. According to them, the completion of such deals is hard and next to impossible. The same applies to homes that are outside the city centre or smaller apartments in it, whose prices have leaped to 2300 and even 3000 euro for a sq. m. in the past few months.

In spite of the overall economic expansion and the growth in both incomes and mortgage loans in Bulgaria, the luxury estate market registered a slowdown in the first half of 2018. There is a 30 per cent growth in potential buyer enquiries for top-level properties. However, buyers and rental seekers are hesitant to go to a deal because of the fast upsurge of prices, an analysis by the Unique Estates top properties' company shows.

A certain upturn has been observed for the outskirts that are close to the slopes of Vitosha mountain.
Investment-type property deals registered an unusual growth in Sofia. Some homes have been sold several times for a short period at a constantly increasing price of time because they fit the higher demand for investment estate. This has influenced the price level of rentals. Hence, rental prices are going up to be able to secure return on investment in property units.

There was a slight growth in sales of higher-priced properties – of over 500 000 euro – in the first half of 2018. The increase in price level was due to the higher demand for single family homes.

The first half of 2018 also marked 15 per cent increase in prices compared to the same period of 2017. The highest price levels, as usual, were registered around the Doctors' Monument and the entire downtown Sofia. Prices of up to 2000 and 2400 euro for a sq. m. were paid in that same area.

Rental market was in a bit of a decline in the first six months of 2018 due to overpriced offers. The upper limit of rents paid for a one-bedroom luxury apartment was 600-650 euro, and for a two-bedroom flat – 1200 euro.

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