Buyers find stiffer prices for prime apartments

If an average residential price growth of more than 40% for a year in Sofia seems too much, better have a look at the prices in prestigious areas. EUR 3,000 per sq m this year is not an unachievable goal, as sellers, encouraged by what they have seen on the market, have ever-increasing claims for their properties.
Supply is visibly segmented as a function of quality and location but not that obviously in prices. Levels between EUR 2,500 and EUR 3,500 per sq m have been asked in the center, in Lozenets, Iztok, Ivan Vazov neighborhoods for both condos from the early 20 century and for new builds with extras like fitness and spa facilities and services like security and maintenance of common areas.

Iztok neighborhood beats all records.
The few complexes and buildings under construction there keep levels of over EUR 1,700 per sq m as apartments in completed gated communities command twice as much. A year ago the top prices for new construction there used to be between EUR 1,750 and EUR 2,500 per sq m in the same prestigious area.
New build in Lozenets, close to the US embassy is already for sale for EUR 3,500 per sq m with completion deadline within at least two years.
Prices of those apartments are higher than levels achieved for new builds in the center. The sales of San Stefano Plaza apartments across from the National TV building are yet to start as well as BLD Sofia Tower next to Kempinski hotel, which could set the benchmarks for new developments.
Meanwhile the prices in central area remain high but rarely exceed EUR 3,000 per sq m. Supply is usually in old buildings with existing litigations with neighbors and thus more awkward maintenance of common areas. There is a growing number of sellers trying to near the next limit of EUR 3,500 per sq m. This price has been asked for two apartments of over 200 sq m in the city centre.
At the same time in Iztok there was an offer in the beginning of Nov. seducing buyers with central air conditioning, cable network, granite flooring, door-keeper, errand-boy services, full service, 2.80 light height and video monitoring and luxurious finishes… all this for EUR 3,420 per sq m for a new build, while owners of a three-storey apartment of 416 sq m with two garages are trying even to break the EUR 4,000 threshold.
Evidently,

Sofia is not the best place for the fans of luxury lifestyle,
as far as prices are concerned. With levels of EUR 1,000 and EUR 2,000 per sq m Plovdiv, Burgas and Varna are far cheaper opportunities. But they have no supply of the new gated community type of complexes whose number in Sofia is growing.
Anyway buyers can find unique opportunities like an apartment of EUR 850,000 near Novotel Plovdiv whose owner will have the pleasure of a swimming pool on the roof. At a price of EUR 2,125 per sq m this is one of the most expensive apartments outside Sofia. In Varna for EUR 370,000 one could buy an apartment of 260 sq m in Gratskata Mahala with its own sauna. The price per sq m of over EUR 1,420 per sq m is definitely less compared to Sofia's luxury housing.