The second half of 2023 saw a nearly 6 percent increase in supply, bringing the number of residential units in the segment to 15,840, according to Colliers' latest report on the high-end residential market. the medium-high segment in Sofia in the second half of 2023.

On a year-over-year basis, this increase represents almost 11 percent, or 1,520 homes, the company said.

Over 4,550 homes are under active construction - 14 percent more than in the first half of the year.

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Buyers' attention remains on larger homes.

The top-selling property types are 2-bedroom apartments (over 61 per cent), followed by houses, which make up around 28 per cent of all transactions in the segment.

Transactions with properties for own use in 2023 were 44 percent, compared to their significantly lower share in the previous year 2022 of only 17 percent.

In 2023, the main buyers of the real estate market in the considered segment will remain Bulgarian citizens.

Half of all deals were concluded without the use of bank financing despite the continued trend of credit availability and low interest rates.

Average prices (incl. VAT and parking space) in the second half of 2023 for a two-bedroom apartment are between €180,000 - €230,000, for a terraced house €320,000 - €450,000 and over €486,000 for a detached.

Average rent levels incl.

VAT for a two-bedroom apartment is between 1000 - 1300 euros, and for a house - over 2150 euros.

After 2022, in which discounts were hardly observed, in the past year 2023 this began to gradually change and became a fact in 22 percent of the completed transactions.

The average reduction in the offer price is 3.3 percent. 

The mid-range and high-end housing market is expected to continue to be robust, as a large proportion of purchases are not tied to the use of mortgage credit, the report said.

The same applies to the prices, considering that the main supply in this segment is on the primary market (by an investor).

Investment home purchases in this segment will continue to be a major driver of market demand, according to Colliers.

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