Luxury Homes In Bulgaria Mainly In Sofia And Varna

Author: Denitsa Shumanova

The residential markets in Sofia and Varna account for the bulk of luxury homes in Bulgaria while occasional listings in other cities are the exception rather than the rule reports Dnevnik.

In many cases, the label 'luxury' is misleading because it is used to describe properties that offer basic amenities like parking and sports facilities which are considered standard in the rest of Europe.

The average price of houses in the center of Sofia top out at around 3,000 euro/sq m. Houses in upscale suburban neighborhoods Simeonovo, Dragalevtsi and Boyana range between 1,200 and 1,600 euro/sq m.

Most of the luxury apartments on the market are located in gated communities and usually occupy the top floor of the building. Away from the gated complexes, downtown Sofia and the foothills of Vitosha mountain, luxury homes are mostly available in the Iztok, Lozenets and Ivan Vazov districts.

The rise in luxury housing prices has kept pace with the overall residential market, gaining 40-45% on an annual basis. The only standout is Ivan Vazov where prices added only 30%.  Apartments with an area of over 90 sq m in prime neighborhoods in Varna appreciate by 25-45% annually with average prices at 1,100 to 1,500 euro/sq m.