Sofia's Residential Property Prices to Go Up in 2011 - Survey

Bulgaria's Sofia might experience shortage in 3 to 5-room apartments and small family houses in 2011. Photo by BGNES

The prices for residential properties in the Bulgarian capital may slightly increase in 2011, according to forecasts by realtor Colliers International, published on Wednesday.

The analysts also pointed out that the gradual improvement of economic indexes in Bulgaria will result in an increased demand and shortage in the supply of residential properties in the middle and high class.

Projects in the middle and high-class include characteristics like attractive location, good quality of construction, easy access, green areas, functional arrangement of the rooms, parking spots, professional maintenance of the property and good infrastructure in the region.

However, the most important criteria for choosing a residential property, according to the experts, is safety, followed by quality of construction and professional maintenance of the property.

According to Colliers, the number of buyers with good income, who are looking for luxurious homes, will increase. If that happens, however, there might be a shortage of apartments with 3-5 rooms and small family houses.

The survey has showed that the price per square meter in such residential properties in 2011 is expected to vary between EUR 1000 and EUR 1900.

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