Projects speed up, as prices remain stable

Retail center projects are among the most attractive for developers. Real estate experts forecast that the development of shopping malls will progress at least until 2010. To attract the attention of clients, future projects bet on providing more services and leisure and entertainment opportunities.
Over 10 new shopping and entertainment buildings are expected to be completed by 2009, show the surveys of Colliers International consultants. Four of them are expected to appear in Sofia, 2-3 in Varna and 3 in Plovdiv.
The shopping center development boom has not led to changes in rental levels since the beginning of the year. Rents in malls vary between EUR 20 and EUR 60 per sq m per month in cities like Sofia and Varna. They depend on the specific location and unit size.
High street rents also remain the same. They usually range between EUR 70 and EUR 160 per sq m per month although asking levels of up to EUR 200 per sq m have been registered on Sofia’s Vitosha Blvd.
The most expensive retail locations in Plovdiv reach EUR 153 per sq m per month for a high street unit. The high market end stands at EUR 150 per sq m for retail space in the city of Varna. The lower end in Sofia’s city center has been estimated at between EUR 5 and EUR 12 per sq m per month.
The monthly rents on main boulevards in the capital range between EUR 15 and EUR 80 per sq m. A 25-sq m shop at Rakovski St. is commanding EUR 88 per sq m monthly rent. The rent of a 10-sq m shop on Patriarh Evtimii Blvd. is similar - EUR 60 euro per sq m per month.
Sale prices start from EUR 560 per sq m and could exceed 47,000 euro per sq m. The great disparity is due to the particular location, state of the unit and its square surface. On the very central Vitosha Blvd. in Sofia, an 85-sq m shop is up for sale for EUR 47,058 per sq m.
Asking prices on other major boulevards in Sofia are far below this level. The most expensive one on Vasil Levski Blvd. costs EUR 10,000 per sq m for 12 sq m. EUR 9,300 per sq have been asked for an 80-sq m shop on Patriarh Evtimii Blvd.
The sale prices of new builds on Sofia’s main thoroughfares vary between EUR 4,000 and EUR 7,000 per sq m.
In the center of Plovdiv, shops are usually sold for between EUR 900 and EUR 10,000 per sq m, as in Varna the price range is between EUR 1,500 and EUR 10,500 per sq m and between EUR 800 and EUR 7,000 per sq m in the city of Burgas.