Uprising supply and high prices

The trend for the development of shopping centers continues not only in larger cities but in smaller ones too as new schemes spring up not only in Sofia, Plovdiv, Varna and Burgas but also in Shumen, Sliven, Kavarna, Haskovo and Vratsa.
Data of real estate agent Foros shows that prices of retail properties remain stable, with no sharp fluctuations. The average rise of asking prices throughout the country has been estimated at 6.49% in the first half of the year. The highest price rise has been registered in the capital - 8.51%, followed by Varna - 8.33%, Plovdiv - 7.96%, Veliko Tarnovo - 7.39% and Ruse - 6.75%, the company said.
Rents for retail space located on the high streets in Sofia like Vitosha Blvd., Alabin St., Graf Ignatiev St., range between EUR 15 and EUR 100 per sq m. The asking rent of a 55 sq m shop on Solunska St, very close to Vitosha Blvd., has been set at EUR 106 per sq m. The property features a 6.5-meter window shop. Rents for stores on central boulevards such as Patriarh Evtimii, Vasil Levski or Bulgaria vary between EUR 30 and 60 per sq m. A 110 sq m store on Bulgaria Blvd. could be rented for EUR 60 per sq m. No significant changes have been seen in the rental levels for retail space outside Sofia with just two cities standing out - Ruse and Veliko Tarnovo, where rents have increased by 37.26% and 31.42% respectively.
Prices for retail space in shopping malls retain their levels of EUR 25 to EUR 60 per sq m in larger cities.
Asking prices for sales of retail real estate located at the central streets of Sofia reach maximum levels of approximately EUR 23,000 per sq m not taking into account the record amount of over EUR 47,000 per sq m, which is still the asking price of a unit on Vitosha Blvd. A 22-sq-m shop at Alabin St. is up for sale for EUR 22,726 per sq m. The most expensive retail property in shopping centers is the 36.7 sq m ground-floor unit in a building under construction at Srebarna St., which costs EUR 5,500 per sq m.
Asking prices for properties at central streets in Varna, such as Knyaz Boris and Vladislav Varnenchik, range between EUR 10,000 and EUR 15,000 per sq m. The highest prices in Plovdiv reach EUR 10,000 per sq m, a sum which is also a sale price for a 10 sq m store on Varna’s main street. The most expensive retail unit in Burgas currently costs EUR 4,000 per sq m and covers 32 sq m in a new building.