The intensive construction of housing in Sofia, which we have witnessed in recent years, inevitably reflects on the market. Almost 90% of the purchases and sales that take place in the capital are precisely with such properties. “In recent years, this percentage has not changed much, as it is new construction that gives the market the much-needed supply and buyers are turning to it,” says the executive director of Bulgarian Properties, Polina Stoikova.
According to NSI data, by the end of 2023, there are 768,046 dwellings in Sofia. 158,838 units were built in the last 10 years alone.
One of the main reasons why customers prefer new to old construction is the new technologies used in their construction. Taking into account the fact that most transactions are carried out for investment purposes, this makes the investment more promising in the long term.
„At the moment, the housing sector is in a very advantageous position to take advantage of the imbalance between urban development and high density. "One thing is the increase in the deposit amount, but at the same time there will be a slowdown in the negotiation of deals with better properties,", Ctoykova says.
According to the agency, the downward trend in supply that has been observed since 2023 continues into the current year as the market again relies on new construction for supply.
You can see detailed statistics on average property prices in Bulgaria by cities and neighborhoods HERE