Real Estate Purchases in Sofia Go Down Due to High Prices

The real estate market in Sofia is slowing as consumer interest is driven down by high prices.

Standard reports on the development, citing information from “Address”, the largest real estate firm in Bulgaria. The second and third trimesters of 2018 show a slight decrease in the finished real estate deals compared to the same period for 2017. Consumer interest is still high, however, many clients simply lack the readiness to make a purchase.

Address’s director Georgi Pavlov had this to say: “Two factors determine the market in the next months, and should be taken into account by all participants. One is the measured decrease in the deals made the second trimester of the year. If it continues in the next three months, we will see a recession in the market of real estate. The second key element is the change of behavior of the buyers. Even though property the viewing and the inquiries are high, they aren’t interested in buying at any cost, but more likely to see what’s offered at the moment.”

While Sofia’s center districts remain stable, there’s an increased interest in the cheaper outskirt neighborhoods such as Lyulin, Druzhba or Ovcha Kupel. There's a 7.7% increase in the prices of real estate compared to last year. The construction of the subway is seen as a major draw to the increasing interest in the outskirts.

Image Source: Wikipedia

Alex Dimchev

Alex Dimchev is a writer, editor, and weapons master for EUscoop.com

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