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REAL ESTATE PRICES IN SOFIA REACH EUR800/SQ M

REAL ESTATE PRICES IN SOFIA REACH EUR800/SQ MFlats in eight residential areas in Sofia are sold at average prices going above EUR700 per square metre. The figures are valid for one-, two-, and three-room flats and are registered in the sales sector for the 1 - 10 November 2004 period. Unlike the summer months, now it is the central city area that ranks on the top. The average price per square metre there reached EUR779, followed by EUR777 in Lozenets, and EUR776 in the area around the Medical Academy. The summer hit, Ivan Vazov quarter, remained fourth with EUR770/sq m.Offices have been sold most in September and October, according to real estate agencies. That raises the prices in the central area where most business buildings are located. The quarter surrounding the Medical Academy was the biggest surprise as usually there were no serious price fluctuations and not so many transactions there. Real estate brokers comment that the increased prices in that quarter are due to the growing demand for flats by students and the resulting raise of the rent rates. The acquisition of estates becomes more attractive and is actually paid off for a shorter period of time.The leaders are followed by areas which traditionally hold high property prices, such as Yavorov, Oborishte and Iztok. Dragalevtsi, a quarter in the skirts of Vitosha, ranks among the top eight, too. Average prices there amount to EUR730 per square metre. They are the highest ones compared to those in other quarters with similar location, such as Boyana, Simeonovo, and Bistritsa.The highest average prices of one-room flats in Sofia, euro per sq mArea PriceMedical Academy 800Lozenets 783Centre 779Iztok 763Hipodruma 671Obelya 647Izgrev 639Source: The Chance 3 Agency.

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