Sofia land prices fall
17 April 2009
The price of land plots in the Bulgarian capital of Sofia fell by up to 30 per cent in 2008, according to a report published on investor.bg.
The upmarket boroughs of Dragalevtsi, Boyana and Simeonovo saw a 10 per cent fall in prices, while some suburbs such as Vrazhdebna and Bojourishte are now seeing values of £62-£71 per square meter, down from £106-£133 per square meter.
Bulgarian-based estate agencies Mirela and Yavlena, say that the districts that up until now have been unaffected by the declining trend should also experience a fall in values over 2009.
A fall in land prices should translate to cheaper Bulgaria property values, as long as the developers buying the land pass on the rate cuts.
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