Demand For Apartments Shifts To Outskirts

Demand for residential properties in the outskirts of big cities picked up in 2007, data from Foros real estate company show.

Increased demand may be attributed to the small number of properties for sale and the expensive prices in downtown areas as well as to the construction of gated complexes that raises the supply of residential properties in suburbs, Pari daily reported on March 4.

Demand for residential properties exceeded supply in 2007, according to Dobromir Ganev, manager of Foros. Buyers are genuinely interested in old residential properties in downtown areas of cities but due to the poor supply are opting for properties in the outskirts, Dobrev said.

In Sofia demand is picking up in southeastern residential districts, such as Mladost. The area is close to Business Park Sofia, which is another advantage.

In Bourgas there is strong demand for residential properties in the Meden Rudnik and Sarafovo districts.

Prompted by the construction of gated residential complexes demand in Plovdiv is stiffer in the Ostromila, Komatevo and Belomorski district.

Demand for residential properties will remain strong in 2008 and prices in big cities are expected to go up by between 10-15 per cent. Prices of residential properties in Bulgaria went up by an average of 30 per cent in 2007. Prices grew by 54 per cent and 39 per cent in Sofia and Varna respectively. Rousse saw a 31-per cent increase in residential property prices in 2007.propertywisebulgaria.com