Sofia's Vitosha blvd. commands one of the highest rentals in the region

news.bg, 2007-10-22

     The average rent price on Sofia's Vitosha Blvd. is 120 euro/sq m. Not only is it the highest rental in Bulgaria, but also it is one of the highest in the region Cushman and Wakefield research showed.
     Properties on Magheru Blvd., Vitosha's Bucharest counterpart, offer at 110 euro, and those at Abdi Ipekci, Istanbul's most expensive area, ask 94 euro/sq m. Only real estate in Athens commands a higher rent price. Units in Ermou District rent at 250 euro and at Tsakalof at 180 euro/sq m.
     High prices can be explained by the opulent cultural heritage of the Greek capital, alongside with the high population density of 19 133 people/sq m. As a comparison: the corresponding figure in Istanbul is 6 521 people/ sq m, and in Sofia 1 030 people/sq m. Bulgaria features an interesting phenomenon - rentals in expensive districts of the capital are not much higher than those in central areas of the main regional cities. To exemplify: property in Knyaz Boris I, Varna's central street, rents at 95 euro/sq m. In Romania, prices in the centre of Cluj, the second most expensive city after the capital, come to 60 euro /sq m on average, which is almost one half of the respective amount in Bucharest (110).
     Rentals in Turkey tend to exhibit a similar performance: prime areas in Izmir, the second city, ask 55 euro/sq m, as opposed to 94 euro in Istanbul.

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