Sofia, Bulgaria

The residential market in Sofia is entering a more mature phase of development, according to market research findings just published by Colliers International. The supply of residential properties continues to grow, with compounds and planned developments being particularly popular. Construction of new, high-end residential real estate is most intense in the southern areas of the city; Bakston, Manastirski Livadi, Vitosha and Lozenetz.

Reflecting the approaching equilibrium in the market, the average asking prices posted a marginal increase in 2006 compared to the growth levels of recent years. Iztok saw the highest increase of 17.1% in the second half of 2006, followed by Lozenetz with 3.8%. In the same period, average asking sales prices in the Ivan Vazov neighborhood and Doctor’s Garden decreased by 7.3% and 4.4% respectively. During the course of the second half of 2006, Iztok has become more expensive than Lozenetz. According to Colliers Residential Market Overview Doctor’s Garden boasts the highest prices followed by Ivan Vazov, Iztok and Lozenetz.

The inventory of residential real estate is expected to grow in line with the demographic developments in Sofia. Overall, prices will remain stable in the short-term, while the quality of construction and added services will continue to improve following the increased buyer requirements.

These are some of the latest research findings of Colliers International. Colliers’ H1 2007 Market Overviews can be downloaded free of charge online in the Market Reports section.

About Colliers International

Colliers International is a global affiliation of independently owned commercial real estate firms. The organization's 9,327 employees span the world in 241 offices in 54 countries. On a worldwide basis, Colliers manages 595,725,580 square feet, and has revenue of $US 1,442,478,223.

Contact Information

bulgaria@colliers.com

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