Sofia house prices hit lowest level in 5 years
The cost of buying property in Bulgaria's capital Sofia has fallen to its lowest point since 2007.
Novinite - the Sofia news agency - reported on a study conducted by Arco Real Estate, which found the average price of apartments in the city has dropped below €1,000 (£793.88) per sq m.
In certain districts of Sofia - particularly around the north and north-eastern edges of the city - apartments can be picked up for as little as €433 per sq m, representing a 19 per cent annual decline.
Overall, the real estate consultancy revealed residential property prices in Sofia have slipped by six per cent in the last year.
It is not only Bulgarians who appear to be benefiting from the reduction in house prices, with Standart reporting earlier this week that Russian buyers are increasingly interested in properties in the country's cities.
Sofia, Burgas, Varna and Plovdiv are among the targets for Russian investors, realtors at the ADDRESS property agency told the news provider.
Novinite - the Sofia news agency - reported on a study conducted by Arco Real Estate, which found the average price of apartments in the city has dropped below €1,000 (£793.88) per sq m.
In certain districts of Sofia - particularly around the north and north-eastern edges of the city - apartments can be picked up for as little as €433 per sq m, representing a 19 per cent annual decline.
Overall, the real estate consultancy revealed residential property prices in Sofia have slipped by six per cent in the last year.
It is not only Bulgarians who appear to be benefiting from the reduction in house prices, with Standart reporting earlier this week that Russian buyers are increasingly interested in properties in the country's cities.
Sofia, Burgas, Varna and Plovdiv are among the targets for Russian investors, realtors at the ADDRESS property agency told the news provider.
PUBLISHED : 30TH AUGUST 2012