site.btaHouse Prices in Sofia Residential Complexes Soar by 45%-Plus Since January 2020

The number of houses in residential complexes in Sofia has reached 1,700 in the first half of 2024, according to the latest Colliers survey of residential areas in the Sofia City Region and the settlements within it. Prices of houses in residential complexes have gone up by more than 45% since the beginning of 2020, the company said, adding that construction costs have increased by almost 64%.

There has been a decrease in houses' average area from some 435 sq m in 2020 to 375 sq m by mid-2024.

There are over 1,200 houses being constructed within more than 90 projects. The locations investors have opted for include the southern arc of the ring road, Bistritsa, Pancharevo, and Lozen.

Single houses are in the highest demand, followed by row houses with a small yard, the company said.

The number of transactions during the period between 2020 and the first half of 2024 is around 1,200 per year. The highest number of transactions was recorded in 2021, which, according to the company, can be attributed to the COVID-19 pandemic and the resulting demand for homes with a dedicated workspace and yard or garden. 

There has been an increased demand for houses with sustainable design and technological solutions that create a more pleasant living environment in addition to ensuring energy efficiency. The company believes that this trend is expected to continue as more real estate developers integrate green technologies into their projects to meet the increased demand from buyers.