Discrepancies

Prices of prime properties differentiate substantially

Continuing strong residential demand and fluctuating supply create quite contradictory picture on the market, in which one and the same prime area might see severalfold differences in the prices of individual properties.
A 130-sq m apartment in Sofia’s Iztok residential district completed in 2006 is on sale for EUR 1,600 per sq m. The residential unit is located just opposite Interpred and has a 12,000-euro garage in addition to the sale price.
However, another property with similar location and size, which is due to be completed at least in a year, costs EUR 2,690 per sq m. Prices of properties in a scheme scheduled for delivery in the second half of 2009 vary between EUR 1,700 and EUR 2,100 per sq m depending on their particular location.
Iztok district is known for having some of the most expensive apartments in the past few years with prices ranging between EUR 1,500 and EUR 4,000 per sq m. In the high end of the market, a 430-sq m maisonnette on Latinka St. costs EUR 1.55m, or EUR 3,600 per sq m. Some of the extras of the residence include granite and natural parquet floorings, four bedrooms, large living room and live security.
This residence is much more expensive than new build properties in the very city center developed behind Slaveikov Sq. A 102-sq m apartment under construction has been valued at 315,000, being also one of the most expensive in the area.
But the record-breaking asking price for properties in central areas is that of a 222-sq m maisonette located close to the Military Academy. The unit has been offered by two agents and is priced at more than a million euro i.e. EUR 4,500 per sq m (VAT included). A parking space costs additional EUR 20,000.
Yet, in the neighboring district of Oborishte prices go down below EUR 1,200 per sq m. A building (claimed luxury) that is yet to obtain use permit offers a 102-sq m two-bedroom apartment for almost EUR 120,000. Another one, scheduled for delivery in the second half of 2009 and located on Madrid Blvd, offers units starting from EUR 1,600 per sq m.
Prices levels in the prestigious area of Lozenets are similar. A 377-sq m multi-room panoramic apartment is sold for EUR 1.32 million, or EUR 3,500 per sq m. Some of the extras in it are granite and parquet floorings, built-in kitchen, panoramic views and proximity to the city center and the Kempinski Hotel. Another unit in the same building has been valued at EUR 3,300 per sq m by the seller. It contains 5 rooms and covers 202 sq m.
Yet, there are spacious residential properties with significantly lower prices on the market. A building developed in 2006 offers two panoramic apartments that could be merged. They are located near the South Park and are sold for EUR 1,880 per sq m. The units total 340 sq m and the price also includes underground parking space.
The asking price of another penthouse on Golo Bardo St, close to the park and the Kempinski Hotel, is less than EUR 1,500 per sq m. The property is furnished and totals 355 sq m.
With similar lot-sizes it is not unusual properties to be sold for less per sq m. However, the situation in the city center is quite different: buyers are prone to pay premiums for larger units simply because these are insufficient. This is one reason why the owner of a panoramic 340-sq m penthouse on the square of the National Palace of Culture asks EUR 1.5 million for his property.
Fewer prime residential properties but at much lower prices can also be found in Plovdiv. Reconstructed and furnished existing apartment in the very center costs EUR 200,000 or EUR 1,850 per sq m for a total area of 108 sq m. The residence comes with a car parking space and fit-to-live-in 48-sq m attic. A 160-sq m new build costs EUR 210,000 or EUR 1,310 per sq m. A two-bedroom apartment in the Old Town, built two years ago, 127 sq m in size, has been valued at EUR 167,500, or EUR 1,320 per sq m.
However, lower prices could still be found. For example a large apartment in the Sadiiski Kvartal costs just EUR 560 per sq m. The four-bedroom unit occupies three storeys and has a spacious living room, a terrace, a barbeque on total area of 250 sq m.
Available offers in Varna do not provide great number of options for buyers to choose from. Prices range from EUR 1,400 to more than EUR 2,000 per sq m for larger apartments. In Gratska Mahala, a home that occupies the whole floor of a building, with spacious living-room and panoramic terrace, large kitchen and dining room, three bedrooms, a study and personal sauna costs EUR 370,000, which is EUR 1,420 per sq m. For a property of considerably smaller size - 143 sq m - the square meter costs EUR 2,170.