Prices of offices in Sofia drop by half after the crisis

Prices of offices in downtown Sofia have dropped by almost 50%, compared to their levels from prior the height of the crisis in 2008 and a square metre of office space is currently traded in the range of €1,300-1,500, down from €2,600/sq m three years ago, showed a research of Klassa daily in real estate websites.

Offices in Varna are twice cheaper - around €700/sq m. In Plovdiv, prices are closest to those in the capital: office spaces in the downtown area cost €900/sq m. Another factor pushing prices down, besides the crisis, is the huge number of new office space in recent years on the main thoroughfares of the capital city, such as Tzarigradsko Shosse and Bulgaria Blvd.

Data on real estate sites shows a widening price range for housing in downtown Sofia and the other big towns of the country. For example, a square metre of residential area in the central part of Rousse is five times cheaper than in Sofia, according to imoti.net. Prices in Sofia are in the range of €1,100- €1,300/sq m and these in Rouses are only just over €240/sq m.

According to branch experts, levels of €1,500/sq m are quite normal for posh housing in excellent locations of the capital. The prices of houses may even reach €2,000/ sq m. From the end of March till the beginning of April 2008, housing prices in downtown stood at some €1,600-1,700/sq m and some exceptionally good properties were even more expensive. In Plovdiv, the average selling prices of housing in downtown areas range from €660/sq m to €850/sq m, twice less than in Sofia.

Text: klassa.bg
Photo: Mirela

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