The average price of sold apartments in Sofia increased in the fourth quarter of 2015, exceeding €800 per square meter for the first time since 2011, the Bulgarian Properties company announced.
The average cost of apartments sold in Sofia in the October-December period of last year was €75,280.
The fourth-quarter data bring to €790/sq.m. the average price of apartments in Sofia sold last year. This is an increase of €45/sq.m over 2014. The average price of sold apartments in the Bulgarian capital city was €70,200 last year.
The asking prices and the actual transaction prices converged further last year, with the gap shrinking below €100/sq.m. the smallest difference in years, Bulgarian Properties said in a statement on Wednesday.
Apartments in Sofia were offered at an average price of €880/sq.m. last year, an increase of 2% over 2014.
"2014 had been the year of the return of the buyers; 2015 brought a noticeable upturn of the property market in Sofia,” Polina Stoykova MRICS, Managing Director & Head of Research at Bulgarian Properties, commented in the statement.
“Confidence has returned - in the property market and in property as an investment asset,” Stoykova added.
Based on data from state-run Registry Agency, the real estate firm has calculated that the number of sales of apartments in Sofia has also increased.
A total of 7541 deals were were registed in Sofia in the fourth quarter of last year, up 8% compared with the same period of 2014.
“For 2015, we have measured the largest increase in sales in Sofia in the last few years. A total of 24,379 sales have been registered against 20,863 for 2014, representing an increase of nearly 17%,” the company said.
The real estate firm expects that apartment prices in Sofia will increase by about 7% this year compared with 2015. The number of deals is also expected to increase.
SOFIA NEWS AGENCY
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