Interest in Bulgaria’s Luxurious Properties on the Rise
Bulgaria’s market for mid-luxurious and luxurious properties is on the rise, shows data of the Colliers real estate company.
"The number of deals in such properties has increased by 15%", said Tania Emilova of Colliers.
According to her the growing demand and decreasing supply have led to distinct shortage of quality residential real estate property in the second half of 2013. She expects the shortage to increase further in 2014.
The analysis of Colliers shows that in 2013 the most active buyers were seeking a property in a gated community in Sofia, who had been postponing the purchase of a first home.
The main factor in choosing a home remains the correlation between price, quality and infrastructure and some buyers were willing to pay more to get what they want.
The most sought were the 2 and 3-bedroom apartments and houses. The data shows that the sales of 2-bedroom apartments has doubled year-on-year and comprise 47% of all real estate deals. Only 8% of the buyers had a mortgage and one fifth of the apartments were bought as an investment.
The average price of residential properties in the mid-luxurious and the luxurious segment varies between EUR 850 and 1600 per sq/m.
The company expects that the market of such real estate will remain steady in 2014.