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Sofia Trails Bucharest in Property Prices
Updated: 2006-03-27

Sofia Trails Bucharest in Property Prices

After a decade of rising prices on the property market, residential prices in the Bulgarian capital continue to be lower than that in Bucharest, Bratislava or Prague, shows data, as cited by the International Herald Tribune.

"Residential prices in Sofia still average only EUR 600, or USD717, per square meter, or USD 66 per square foot. That is much less than the EUR 750 average per square meter in Bratislava, Slovakia; EUR 850 in Bucharest and EUR 1,500 in Prague," reads the article, entitled "The rise and rise of Bulgarian property".

IHT forecasts that property prices will continue to rise. "The only uncertainty is by how much. And how long."

Foreigners were involved in 23 percent of the 220,000 property deals registered in Bulgaria in 2005, transactions that totaled more than EUR 4 billion, according to the property association. The year before they generated 18 percent of all sales, or EUR 3.36 billion.

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