Sofia Ranks 97th In Europe As Housing Prices Continue To Soar
Source: Novinite.com (Sofia News Agency)
Sofia ranks 97th among European cities in terms of property prices, according to a survey of 142 urban centers, based on the cost per square meter of apartments located outside city centers, compiled in September by Dobromir Ganev of the National Real Estate Association for Telegraph.
The capital’s ranking reflects a 15.5 percent year-on-year rise in housing prices during the second quarter, positioning Bulgaria among the countries with the fastest-growing property values in both Europe and the eurozone. In practical terms, Sofia now surpasses 45 European cities in property pricing.
Comparative data show that Bucharest and Riga follow Sofia in the ranking. In Sofia, the average price per square meter for apartments outside the city center is 2,168 euros, while in Bucharest it is 1,827 euros and in Riga 1,738 euros. Other Bulgarian cities such as Varna, Burgas, and Plovdiv, along with Ukrainian cities like Odesa and Lviv, rank lower. Varna stands at 124th with 1,639 euros per square meter, while Burgas and Plovdiv are at 130th and 132nd with properties averaging 1,430 euros per square meter.
By contrast, Europe’s priciest properties are found in Zurich, where a square meter outside the city center sells for 15,787 euros, roughly seven times Sofia’s rate. Other top ten expensive cities include London, Paris, Munich, and Oslo. Berlin ranks 23rd at 5,286 euros per square meter, and Rome is 59th at 3,426 euros.
Cities with property costs closer to Sofia include Budapest, with 2,950 euros per square meter in outer districts, Belgrade at 2,526 euros, and Thessaloniki in Greece at 2,440 euros. Athens is somewhat higher at 3,230 euros, while Croatian cities are significantly more expensive, with Zagreb at 3,104 euros and Split near 4,000 euros.
Bulgaria’s rapid price growth has been highlighted in Eurostat data, which show only Portugal surpassing it with a 16.3 percent rise. In the first quarter of the year, Bulgarian property prices increased by 15 percent, three times higher than the European average of 5.4 percent. Other European countries, including Spain, Croatia, the Netherlands, and Slovakia, also recorded double-digit growth. Experts predict that housing prices in Bulgaria will continue to rise even after eurozone accession, though the pace of growth may moderate.
Dobromir Ganev explained that several factors drive this upward trend: rising incomes, low mortgage interest rates, increased savings among citizens and companies, and, in Sofia specifically, a shortage of newly built apartments relative to the city’s growing population due to internal migration.
Neighborhood disparities are substantial. Central districts around the Doctor’s Monument have property prices up to five times higher than outer areas like Botunets. Among the priciest neighborhoods are “Ivan Vazov” and “Yavorov,” where prices exceed 4,100 euros per square meter, while “Izgrev,” “Iztok,” “Geo Milev,” “Dianabad,” and “Oborishte” range between 3,000 and 4,000 euros.
At the lower end, neighborhoods such as Botunets and “Hristo Botev” average 791 euros per square meter, while Chelopech, Buhovo, and Voluyak offer properties for just above 1,000 euros. Areas near metro stations, including “Ovcha Kupel” and “Lyulin,” are around 2,100 euros per square meter, and “Mladost” averages 2,400 euros.
Sofia’s property market thus presents a stark contrast between high-demand central neighborhoods and more affordable outer districts, reflecting both rapid price growth and uneven distribution of housing availability.
The original article: belongs to Novinite.com (Sofia News Agency) .
