The demand for finished apartments is increasing

propertywisebulgaria.com, 2007-11-09

     The low supply of finished flats, which characterised the first half of the year, resulted in an 11 per cent price hike on ready apartments.The demand for finished apartments with Act 16 (permission for habitation) has recorded an increase, whereas the purchase of off-plan residential properties has slumped, Address Real Estate reported. The market offers limited supply of ready units.
     Meanwhile apartments, which were purchased two or three years ago for investment purposes, are neither offered for rent, nor are on sale yet. The predominance of off-plan property supply and the shortage of pre-fab flats have formed the main trend for the first six months of the current year. Those who wished to acquire a brand new apartment in the second half of 2006 had to pay an average of 710 euro/sq m, while the corresponding figure for the first half of 2007 stood at 735 euro/sq m.
     Despite the significant increase in the prices of pre-fabs and the fact that they have almost reached the prices of off-plan flats, only a few owners put their properties on the market for sale at the beginning of 2007. The low supply of finished flats, which characterised the first half of the year, resulted in an 11 per cent price hike on ready apartments.
     The top three client-preferred neighbourhoods for residential property are Mladost, Lyulin, and Manastirski Livadi. The biggest price increase has been registered in Nadezhda, Lyulin, Manastirski Livadi, and Krustova Vada. There is a vast supply of off-plan apartments in neighbourhoods that are traditionally popular for offering houses, such as Boyana, Dragalevtsi, Simeonovo, Knyazhevo, Gorna Banya, and Bankya.
     Address Real Estate predicts a stable growth of the property market until the close of the year. Prices will continue to rise slightly and the hike will be about 10 to 15 per cent. There will be a tangible upswing in luxury unit prices. The segmentation of the market is likely to deepen and quality will emerge as the prime factor to be considered when choosing real estate.

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