Summer dampened buyers and sellers

The august heat knocked out both buyers and sellers of residential properties. As a result of the summer season and the fact that some smaller real estate agencies have closed for the holidays, demand decreased and there were almost no new properties on sale.
Thus, two exceedingly different types of homes remained on the market: the most expensive, unique residences that need plenty of time to sell and cheaper properties, which were often overvalued by their owners. Their asking prices have retained their levels for more than 5-6 months now.
In August, the lowest asking prices levels in Sofia’s center were about 1,000 euro per sq m represented by an offer for the sale of a 67-sq-m one-bedroom apartment in almost 35-year-old building on the central Dondukov Blvd.
The upper asking levels were more than four times higher. For a 108-sq m ground-floor unit on Moskovska St. the vendor asked 4,600 euro per sq m. A small 80-sq m two-bedroom apartment on Patriarh Evtimii Blvd. was offered for nearly 4,700 euro per sq m.
With the exception of the most and least expensive properties the typical homes sold in August, located in the capital’s center, ranged in prices between 1,900 and 2,100 euro per sq m. These were also the dominating asking levels in prestigious neighborhoods like Lozenets, Iztok, Ivan Vazov and the area of the Medical Academy.
An example was the 120-sq-m apartment on the market for 2,100 euro per sq m. It actually represented a floor of a renovated house, a monument of culture, located on Yoan Ekzarh St. in Lozenets. In Ivan Vazov neighborhood, the asking price of a 110-sq-m residential unit, located close to the South Park, was 2,000 euro per sq m. The price, however, could be renegotiated. As of the beginning of summer, the same unit was selling for 2,100 euro per sq m.