site.bta2023 Sees "Relatively Calmer Development" in Sofia Real Estate Market
After a lull in 2020 and 2021, the real estate market recovered in 2022, and this year has seen a relatively calmer development, said Chief Architect of Sofia Zdravko Zdravkov during a Residential Forum 2023 taking place in Sofia Thursday. He pointed out that investments are mainly directed to single-family residential buildings, and areas such as Novi Iskar are coming to the fore.
The peak in the number of construction permits issued was in 2019, and since then all areas in Sofia Municipality have followed a trend of a relative decline in the number of permits issued - in 2020 and 2021, until 2022, when they recovered their levels. In 2019, the record holders in terms of the number of building permits issued were four boroughs - Vitosha, Triaditsa, Lozenets and Studentski, with the trend reversing in the last two years and Novi Iskar district catching up with Vitosha and Pancharevo. The main trend is for low-rise single-family residential buildings.
The chief architect of Sofia pointed out that in recent years there has been a trend of steady growth in the volume of properties that the municipality acquires, which annually is between 70,000 and 100,000 sq m, which, according to Zdravkov, is most insufficient against the background of the properties eligible for expropriation.
Sofia hosts the biggest event for the housing sector in Bulgaria - Residential Expo and Residential Forum 2023 at Sofia Event Center.