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Property Supply in Sofia Starting to Outpace Demand

Date: 17.10.2006

The supply of properties in Sofia has started to outpace the demand and this will soon lead to a differentiation in prices, Orlin Vladikov, head of the Bulgarian Real Estate Society said Friday.

By the end of 2006, there will be about 20,000 apartments on sale in the capital, which shows a surge compared to the 17,000 to 18,000 that were for sale in 2005, Vladikov told international real estate organizations representatives who gathered in Sofia.

Prices will soon become stable and may even because of the supply-demand ratio, and 2007 will be a differentiating year in Sofia's property market, the expert explained. He said that apartments in panel blocks and older buildings will be selling for about EUR 380 to EUR 500 per square meter. aegular newly-built Apartments in Sofia, Varna, Plovdiv and Bourgas will sell for about EUR 500 to EUR 900 per square meters, while the luxurious ones will go at over EUR 900 per square meter, with some even reaching the mind-boggling price of EUR 2,000 per square meter.

Experts also believe that another sector, that of spa salons will see quite a rise over the next year.

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