Sofia Property Market Overview
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In the years leading up to EU membership property prices in Sofia grew steadily but in a fragmented way as the property market tried to erratic supply and demand dynamics.
Since EU membership in 2007 the property market saw renewed confidence and property prices started to rise more strongly.
The large amount of FDI and EU money that have been invested in the 3-5 years leading up to EU membership have created many more jobs at many levels of the economy and improved infrastructure such as roads (though the city still has a long way to go) and a new airport terminal.
It is predicted that 100,000 people are migrating to Sofia (with a population of just over 1m) every year, this alone is going to have a huge increase in demand.
Demand is further supplemented by the increasing wages and decreasing unemployment, and now locals are beginning to get access to affordable mortgages which makes the purchase of property that much easier.
Yet on the supply side of the equation only around 3,000 units per year have been built over the last few years, which is not enough to keep up with demand. A situation that will not be rectified overnight, hence upwards pressure on prices should continue.
Whilst much of the city is growing strongly some of the safest areas to invest in are the city centre and the area to the south between the centre and the ring road.